Outcomes Funds Database

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Name: Outcomes Funds Database

Maintained By: The Impact Database (ImpactDB)

Sources: INDIGO outcomes funds, INDIGO pipeline, media monitoring

Notes About The Outcomes Fund Database:

The Outcomes Funds database is derived, in its majority, from two databases maintained by the INDIGO project: outcomes funds directory (deployed/current funds) and its pipeline dataset (which includes both impact bonds and outcomes funds). This dataset, in turn, was populated thanks to surveying work conducted by Levoca.

For ease of use, we have combined these into one data table and added a stage filter to sort on fund stage (where we haven’t been able to determine if the fund is still active, we’ve assigned it to a ‘not known’ stage).

Pipeline and deployed funds:

A fact that may seem counterinuitive and that we are flagging here is that a project can be both part of the deployed portion of this database and in the pipeline. This situation occurs when an existing outcomes fund is in the process of refinancing (for example, in preparation for a second deployment). To prevent confusion when this situation arises we will number the rounds sequentially (e.g. EOF Round 2).

Miscellaneous notes:

In instances whereby the project fund value is not known (for example during the pipeline), we have assigned it a holding value of ‘0’.

We have taken a cautionary approach to describing the activity status of funds and favored marking them as “not known” unless there are clear indications that the fund is active and deploying capital into projects. Therefore, the data table is more likely to undercount than overestimate both the pipeline and current fund levels.

Where funds are deployed in multiple countries, we have included that as notes. Where a single country appears, it indicates where the fund is domiciled or its principal area of activity.

We consider a fund that has been exhausted to be historic even if some of the projects it had spawned remain active.

Outcomes funds:

The term “outcomes fund” describes a broad range of financial vehicles. But for the purpose of this data table, we have followed a deliberately non-selective approach considering an outcomes fund to be a financial vehicle that contracts to pay for outcomes for two or more target projects.

Finally, we’ve added pipeline funds based on news monitoring.

Available as API? No, but planned

How to make the best use of this resource:

There are filters above the table and an average and total column under USD that automatically updates. These can be used to quickly compute estimates as to the deployment of fund(s) in a specific geography.

Currently, conversion to USD is at the date noted.

We are working on integrating live FX rates.

Notes about foreign exchange (FX) handling:

Some outcomes funds are denominated in currencies other than the US dollar.

To make it easier to compare the size of outcomes funds, we have added manual rate conversions at the dates noted. We are working on integrating automatically populating live FX rates.

Foreign exchange rates change constantly. So the figures that you calculate may not accord with those which we reckoned.

Pending update of pipeline funds (June 2024):

On June 10 2024, Levoca announced that they had completed an updated pipeline database and dealbook for outcomes funds. As updated data becomes available from this release via Levoca’s partners, it will be updated on this website.

According to the release: “Leveraging three years of data from the Outcomes Finance Alliance community, the updated Pipeline Database and Dealbook now encompasses over 150 OBF projects and funds from over 60 Low and Middle Income Countries (LMICs), including 33 projects currently in the process of launching and fundraising.”

Inputs and Sources:

INDIGO pipeline dataset (encompassing both impact bonds, outcomes funds, and other forms of outcomes-based financing)

INDIGO outcomes fund directory

News monitoring
Network relationships

Data Disclaimer:

Like all data presented on The Impact Database, this data table is compiled and released on a best effort basis and made available in line with the terms of service set out in our general website disclaimer. We cannot (and do not) legally verify the authenticity and accuracy of data presented here. We advise those considering reporting upon finding contained herein to contact the projects mentioned here.

If you operate or are planning to operate an outcomes fund that isn’t included in this data table, please consider getting in touch.

Data Table

id About Fund Fund Country USD Fund Country (ISO) Stage Value (Original Currency) Local Currency (Show As) Original Currency (ISO) USD Live FX Purpose Target Population Fund Link INDIGO Link Target FX pair FX pair rate Fund Value Evaluation Report Notes Combined value Prospectus Local currency prefix Static FX Date Latitude Longitude INDIGO ID Fund Convener Fund Link 2 Added To ImpactDB ImpactDB ID Place (description) Fund started (year) Fund ended (year) Focus Area
38 More details Haiti Impact Facility Haiti 2.0 HT Active 2,000,000.0 USD The overall objective of the Haiti Impact Facility (HIF) is greater efficiency and impact in the delivery of IDB development assistance and Haitian government-funded services, particularly for vulnerable populations. The HIF delivers the foundational architecture for testing and learning from multiple pay-for-success financing operations that are executed in parallel and sequentially (depending on the activity). Vulnerable populations in Haiti usdusd $2M 16/06/2024 10:49 AM INDIGO-PL-0057 IADB 16/06/2024 12:00 AM impactdb_of_24 []
39 More details Impact-Linked Fund for Education Multiple 0.0 BN Not known 0.0 USD High-impact education enterprises provide innovative, sustainable and inclusive solutions in their respective region and field of activity Vulnerable, low-income children and youth in (pre-)elemantary and secondary school age. usdusd 0 Press release: https://ilf-fund.org/wp-content/uploads/2021/11/Press-Release-Launch-Impact-Linked-Fund-for-Education-Dec.-2021.pdf 16/06/2024 10:58 AM INDIGO-PL-0058 Impact-Linked Finance Fund (ILFF) 16/06/2024 12:00 AM impactdb_of_25 []
17 More details Commonwealth Outcomes Fund Australia 66.1 AU Pipeline 100,000,000.0 AUD AUD The Australian Government is establishing a new $100 million Outcomes Fund from 2024–25 and is consulting with stakeholders on the design. The Outcomes Fund will make contractual payments to states, territories and service providers based on the delivery of agreed, measurable outcomes in local communities. Indigenous communities in Australia audusd $100M (AUD) $ 14/06/2024 05:07 PM Government of Australia 14/06/2024 12:00 AM iso
15 More details Care Leavers Fund United Kingdom 6.3 UK Not known 5,000,000.0 GBP GBP The Care Leavers Programme seeks to support care leavers to participate in sustained education, employment and training (EET) through Social Impact Bonds and to to build an evidence base of what works to support care leavers into EET. Fund backing rojects to deliver support to care leavers aged 16 to 25 not in education, employment or training (NEET), or who were at risk of becoming NEET. gbpusd £5M £ 15/06/2024 05:52 PM 51.5074 -0.1278 INDIGO-FUND-0013 HM Department for Education 15/06/2024 12:00 AM impactdb_of_1 London, UK
18 More details Fair Chance Fund United Kingdom 19.0 UK Historic 15,000,000.0 GBP The Fair Chance Fund was a 3-year social impact bond programme which ran from January 2015 to December 2017. The aim was to improve accommodation, education, and employment outcomes for homeless young people aged 18-24. It was funded on a payment-by-results basis, with projects backed by social impact bonds. Homeless young people aged 18 to 24 gbpusd £15M £ 15/06/2024 05:05 PM INDIGO-FUND-0005 Ministry of Housing, Communities & Local Government (MHCLG) 14/06/2024 12:00 AM impactdb_of_4
21 More details Portugal Inovação Social (Portugal Social Innovation) Portugal 160.8 PT Active 150,000,000.0 EUR Portugal Social Innovation is a government initiative aimed at promoting social innovation and stimulating the social investment market in Portugal. Portugal Social Innovation is a government initiative aimed at promoting social innovation and stimulating the social investment market in Portugal. We mobilize around EUR 150 million from the European Social Fund, as part of the Portugal 2020 Partnership Agreement. These funds are channelled to the market through 4 financing instruments dedicated to funding projects that offer alternative and innovative solutions to solve social problems. Entrepreneurs targeting social problems in Portugal eurusd €150M 15/06/2024 06:17 PM INDIGO-FUND-0007 Portugal Social Innovation Mission Unit 15/06/2024 12:00 AM impactdb_of_7
22 More details Life Chances Fund United Kingdom 101.4 UK Historic 80,000,000.0 GBP The Life Chances Fund is a commitment by central government to help people in society who face the most significant barriers to leading happy and productive lives. The fund aims to tackle entrenched social issues and is structured around six key themes: drug and alcohol dependency, children’s services, early years, young people, older people’s services, and healthy lives. The Life Chances Fund intends to address entrenched social issues by increasing the number, scale and evidence base for SIBs in England, generating public sector efficiencies by delivering better outcomes to idenitfy cashable savings, and increasing the amount of capital available to a wider range of voluntary, community and social enterprise (VCSE) sector providers to enable them to compete for public sector contracts. Disadvantaged populations in the UK gbpusd £80M About: https://assets.publishing.service.gov.uk/media/5e830040e90e0706ebaa81fb/LCF_FAQs_FINAL_DRAFT.pdf https://www.tnlcommunityfund.org.uk/funding/programmes/commissioning-better-outcomes-and-social-outcomes-fund 15/06/2024 06:30 PM INDIGO-FUND-0012 National Lottery Community Fund & Cabinet Office 15/06/2024 12:00 AM impactdb_of_8
20 More details Youth Engagement Fund United Kingdom 20.3 UK Historic 16,000,000.0 The Youth Engagement Fund aimed to help disadvantaged young people to participate and succeed in education or training in order to improve their employability, reduce their long-term dependency on benefits, and reduce their likelihood of offending. Through the fund, the UK Government aimed to provide funding through social impact bonds and will only pay if projects lead to positive outcomes. Disadvantaged young people in the UK gbpusd £16M £ 15/06/2024 05:48 PM INDIGO-FUND-0001 Department for Work and Pensions (DWP) 14/06/2024 12:00 AM impactdb_of_6
23 More details Brabant Outcomes Fund Netherlands 1.1 NL Not known 1,000,000.0 Euro EUR The Brabant Outcomes Fund intends to explore the use of results-based financing contracts at the provincial level in Noord Brabant, Netherlands Social entrepreneurs eurusd €1M 15/06/2024 06:39 PM 51.4827 5.2322 INDIGO-FUND-0014 Provincial Government of Noord-Brabant 15/06/2024 12:00 AM impactdb_of_9 Brabant, The Netherlands ["Social innovation"]
28 More details Egalité Des Chances Economiques France 10.7 FR Historic 10,000,000.0 Euro EUR The Egalité des chanches économiques was an outcome funds supported by the French Ministry of social economy, solidarity and responsibility to promote inclusive economic opportunities, with particular attention to access to employment, access to entrepreneurial opportunities and access to financial services. French citizens eurusd €10M 15/06/2024 07:48 PM INDIGO-FUND-0020 Secrétariat d'État Chargé de l'Économie sociale, solidaire et responsable 15/06/2024 12:00 AM impactdb_of_14 2021 []
26 More details Education Outcomes Fund - Ghana Ghana 30.0 GH Active 30,000,000.0 USD The Education Outcomes Fund and the Ghana Accountability for Learning Outcomes Project (GALOP) aims to 'improve the quality of education in low performing basic education schools and strengthen education sector equity and accountability in Ghana." Students at low-performing basic education schools in Ghana usdusd $30M 15/06/2024 07:25 PM INDIGO-FUND-0018 Education Outcomes Fund (EOF), Government of Ghana https://www.gprba.org/news/official-launch-30-million-ghana-education-outcomes-project 15/06/2024 12:00 AM impactdb_of_12 ["Education"]
24 More details GLA Rough Sleeping Programme United Kingdom 6.3 UK Historic 5,000,000.0 GBP The GLA Rough Sleeping programme aimed to improve outcomes for homeless individuals in London using an outcomes-focused approach to promote a move into settled accommodation and more stable lifestyles. Rough sleepers in London gbpusd £5M 15/06/2024 06:48 PM INDIGO-FUND-0015 Greater London Authority (GLA) 15/06/2024 12:00 AM impactdb_of_10 ["Homelessness"]
25 More details Rough Sleeping Programme (DCLG 2016) United Kingdom 12.7 UK Historic 10,000,000.0 GBP GBP The London Rough Sleeping SIBs built on the success of the 2012 SIBs and sought to improve outcomes for homeless individuals in London using an outcomes-focused approach to promote a move into settled accommodation and more stable lifestyles. Rough sleepers in London, UK gbpusd £10M 15/06/2024 07:06 PM INDIGO-FUND-0016 Ministry of Housing, Communities and Local Government (MHCLG) 15/06/2024 12:00 AM impactdb_of_11 London, UK 2016 2020 ["Homelessness"]
27 More details Sierra Leone Education Innovation Challenge (SLEIC) Sierra Leone 18.0 SL Active 18,000,000.0 USD To increase literacy and numeracy outcomes among children in Sierra Leone over three years for 134,000 children Children attending 325 public primary schools across all 16 districts of Sierra Leone usdusd $18M 15/06/2024 07:42 PM INDIGO-FUND-0019 Education Outcomes Fund (EOF), Government of Sierra Leone 15/06/2024 12:00 AM impactdb_of_13 2022 ["Education"]
29 More details Economie circulaire France 10.7 FR Active 10,000,000.0 Euro EUR The Circular economy fund is promoted by ADEME (the French agency for ecological transition) to support the emergence of innovative projects to protect the environment and the circular economy in particular (including the management of organic waste, re-use and recycling, city waste management, etc). French citizens eurusd €10M 15/06/2024 07:52 PM INDIGO-FUND-0021 ADEME - Agence de la transition écologique 15/06/2024 12:00 AM impactdb_of_15 []
30 More details Social Impact Partnerships to Pay for Results Act United States of America 100.0 US Active 100,000,000.0 USD USD The Social Impact Partnerships to Pay for Results Act (SIPPRA) was enacted as part of the Bipartisan Budget Act in February 2018. SIPPRA appropriated $100 million to support the launch of state and local Pay for Success initiatives over 10 years. Via Social Finance US: The Social Impact Partnerships to Pay for Results Act (SIPPRA) was enacted as part of the Bipartisan Budget Act in February 2018. SIPPRA appropriated $100 million to support the launch of state and local Pay for Success initiatives over 10 years. It’s an opportunity for state and local governments to leverage federal funding to tangibly advance their policy objectives, deliver measurable results for people and communities, and catalyze the incorporation of outcomes-driven practices into funding and contracting decisions. The legislation outlines 20 outcomes across a spectrum of focus areas and priority populations, including workforce development, health, education, public safety and reentry, veteran employment and well-being, and children and families. In fact, half of the outcomes funding granted under SIPPRA must be used for initiatives that directly benefit children. usdusd $100M In April 2022, Treasury issued a request for comment ahead of a second notice of funding availability, which could come in early 2023. 15/06/2024 08:13 PM INDIGO-FUND-0023 US Department of the Treasury 15/06/2024 12:00 AM impactdb_of_16 2018 []
31 More details LOGRA Outcomes Fund Colombia 4.2 CO Not known 17,560,000,000.0 COP The Colombian Outcomes Fund aims to increase employment in the formal sector in Colombia through outcomes-based commissioning The Colombian Outcomes Fund aims to increase employment by exploring payment by results and impact bond financing mechanisms. The fund invites intermediary organisations to identify and work with service providers and investors to develop project proposals. copusd $17.56 BN COP 16/06/2024 07:21 AM INDIGO-FUND-0024 Departamento de Prosperidad Social (Government of Colombia Department of Social Prosperity) 16/06/2024 12:00 AM impactdb_of_17 []
32 More details South Africa Green Outcomes Fund South Africa 26.6 ZA Active 488,100,000.0 ZAR The aim of the Green Outcomes Fund (GOF) is to incentivise local fund managers to use new approaches and financing models to target high potential and fast-growing SMMEs operating in South Africa’s green economy. The funding will enable lending and investment on terms to SMMEs which would not be feasible without the GOF’s support. The GOF will ultimately blend concessionary funding with private capital, thus enabling participating fund managers to develop and adapt their SMME investment criteria and support services in ways that were not previously possible – realising greater impact in terms of the types of SMMEs funded and green outcomes created. South African fund managers zarusd R488.1 M https://documents1.worldbank.org/curated/en/501811530120278091/pdf/127701-REVISED-PUBLIC-inBrief-11-WBG.pdf 16/06/2024 07:49 AM -33.92584 18.42322 INDIGO-FUND-0025 Green Cape - South Africa 16/06/2024 12:00 AM impactdb_of_18 2017 []
33 More details Social Impact Outcomes Fund Australia 19.8 AU Not known 30,000,000.0 AUD The New South Wales Government's Social Impact outcomes Fund aims to deliver a range of high impact programs through social impact investment. The first two rounds were focused on advancing the social and economic wellbeing of women facing disadvantage, and improving educational and job readiness outcomes for Indigenous youth, with a particular focus on girls.  Target populations include: - Disadvantanged women - Indigenous youth audusd $30M (AUD) 16/06/2024 08:12 AM INDIGO-FUND-0026 Office of Social Impact Investment - New South Wales Treasury 16/06/2024 12:00 AM impactdb_of_19 []
34 More details Refugee Transitions Outcomes Fund United Kingdom 17.7 UK Active 14,000,000.0 GBP The Refugee Transitions Outcomes Fund (RTOF) is a £14m cross-government initiative which aims to increase the self-sufficiency and integration of newly-granted refugees, helping them to move into work, learn English, access housing and build links in their local communities. Newly arrived refugees in the UK gbpusd £14M Value derived from parliamentary statement by Robert Jenrick on March 21 2023 16/06/2024 08:30 AM INDIGO-FUND-0031 Home Office 16/06/2024 12:00 AM impactdb_of_20 []
35 More details Jobs Boost Outcomes Fund South Africa 16.4 ZA Active 300,000,000.0 ZAR Jobs Boost is a R300 million pay-for-performance model being piloted in South Africa. It is an outcomes fund that works with implementing partners to secure sustainable, quality jobs for unemployed, excluded youth. The innovative programme, the largest of its kind globally, will work with implementing partners to train unemployed, previously excluded youth and secure sustainable, quality jobs for them. zarusd R300M 16/06/2024 10:11 AM INDIGO-FUND-0037 Employment Outcomes NPC 16/06/2024 12:00 AM impactdb_of_21 []
36 More details Tunisia Skills-for-Employment RBF Program Tunisia 0.0 TN Pipeline 0.0 USD Employment and upskilling All job seekers under specific criteria related to unemployment length and potential criteria for inclusion of groups from vulnerable backgrounds (with potential focus on youth TBC during design & inception) 0 0 Target outcomes are: Placement in a job 6-month retention in a job Calls for expression of interest was circulated in January 2024 by EOF: https://www.educationoutcomesfund.org/post/call-for-expression-of-interest 16/06/2024 10:30 AM INDIGO-PL-0055 N/A 16/06/2024 12:00 AM impactdb_of_22 []
37 More details Outcomes Fund for Physical Rehabilitation in Pakistan Pakistan 0.0 PK Pipeline 0.0 USD The end goal is for the government to expand the package of covered services within the national health insurance scheme. This would be achieved through building a data-driven business case during the term of the intervention that would serve to prove the economic and social benefit for the government to expand healthcare coverage to physical rehabilitation services. This would also help build an evidence base about the cost of delivering quality physical rehabilitation services to different geographies and demographics. The intervention envisions to pay physical rehabilitation service providers based on outcomes linked to quality of service delivery and reimburse the national health insurance scheme for the additional services included. People with disabilities needing mobility-focused assistive devices. usdusd 0 Target outcomes: Specific metrics TBD at two levels: (1) impact/economic impact (social inclusion/number of people with disabilities back in active population), (2) service quality and efficiency 16/06/2024 10:44 AM INDIGO-PL-0056 Pakistan 16/06/2024 12:00 AM impactdb_of_23 []
40 More details Impact-Linked Fund for Gender Inclusive FinTech Various 21.0 VV Pipeline 21,000,000.0 USD USD Catalyzing women’s financial inclusion with Impact-Linked Finance Although female financial inclusion offers disproportionately deep and lasting impact benefits, women consistently continue to make up the majority of the world’s poor and financially excluded. Inclusive fintech solutions in emerging markets hold significant potential to close financial inclusion gaps by accelerating cost-effective and convenient access to financial services for women. Despite this, private sector investments in fintech companies are not geared toward leveraging this potential. Women-led fintechs and those that are already gender-inclusive struggle to access the capital they need to scale. Impact-Linked Finance holds the potential to resolve this dilemma, aligning incentives to better serve marginalized women. While women are commercially attractive fintech customers in the long term, a targeted approach is needed to better serve them and create lasting value. Impact-Linked Finance enables and encourages this alignment by rewarding positive outcomes with financial incentives. The Impact-Linked Fund for Gender Inclusive Fintech (ILF for GIF) provides Impact-Linked Finance and technical assistance to fintechs to support a stronger focus on gender-transformative outcomes for financial inclusion. Fintechs, identified by renowned impact investment funds, are directly rewarded with financial incentives for achieving social impact, improving their profitability. The investment from the partnering impact funds helps the fintechs to scale, magnifying their impact even further. In March 2022, this fund secured commitments of USD 13.4 million from the Swiss Agency for Development and Cooperation (SDC) and the Austrian Development Agency in a first closing. The full target fund size is USD 21 million. Marginalized, low-income women, including migrants. usdusd $21M Delivery locations Sub-Saharan Africa East Asia & Pacific South Asia Outcomes: Each case will have specific outcome metrics. Examples: net additional income, increased ownership of productive assets, increased financial literacy, utilisation of financial products and services measured as Net Promoter Score. 16/06/2024 11:04 AM INDIGO-PL-0059 Impact-Linked Finance Fund 16/06/2024 12:00 AM impactdb_of_26 []
41 More details Impact-Linked Fund for WASH Various 0.0 Various Not known 0.0 USD The Impact-Linked Fund for Water Sanitation and Hygiene (ILF for WASH) is an innovative finance programme. It offers a suite of Impact-Linked Finance (results-based) solutions to water and sanitation enterprises in Africa, Asia, and the Middle East looking to scale and increase their impact. ILF for WASH provides acceleration support and catalytic financing that contribute to mobilising private investments and scaling water and sanitation enterprises sustainably. This will ultimately contribute to achieving SDG 6, universal access to clean water and sanitation.  Financed by Aqua for All, ILF for WASH is developed and implemented in partnership with Roots of Impact. The programme builds on the learnings and promising results piloted by the SIINC for WASH programme, launched in mid-2020. SIINC for WASH was also financed by Aqua for All and was co-designed and implemented in partnership with Roots of Impact. Low-income populations without access to clean drinking water or good sanitation in the Global South usdusd 0 16/06/2024 11:17 AM INDIGO-PL-0062 Aqua For All 16/06/2024 12:00 AM impactdb_of_27 []
42 More details Rwanda Early Childhood Care and Education Programme Rwanda 0.0 RW Not known 0.0 USD The Education Outcomes Fund (EOF), in collaboration with the Ministry of Education (MINEDUC) of Rwanda, will launch a programme with the objective of improving child development and school readiness outcomes for approximately 56,000 children aged 3 – 6. To do so, the programme will uplift the quality of existing community based ECD centres and foster an environment conducive to early learning, setting the stage for continued educational attainment as these children progress through the education system. The programme will use an innovative financing model called Outcome Based Finance (OBF) where payments are made to selected grantees upon the achievement of pre-defined results (often referred as payment metrics). The direct participants of this programme are children in the 3-6 years levels, attending the three levels of pre-school in informal community ECD centres in underserved rural areas. usdusd 0 16/06/2024 11:23 AM INDIGO-PL-0085 Education Outcomes Fund 16/06/2024 12:00 AM impactdb_of_28 []
16 More details Commissioning Better Outcomes (CBO) United Kingdom 61.5 UK Historic 40,000,000.0 GBP The overarching aim was to grow the market in SIBs, while each fund had a specific focus that reflected the missions of The National Lottery Community Fund and Cabinet Office. For The National Lottery Community Fund, this was to enable more people, particularly those most in need, to lead fulfilling lives, in enriching places and as part of successful communities. For the Cabinet Office, this was to catalyse and test innovative approaches to tackling complex issues using outcomes based commissioning. A variety of SIBs were supported gbpusd £60M £ 14/06/2024 05:10 PM 51.52377 -0.158489 INDIGO-FUND-0003 National Lottery Community Fund and Cabinet Office 14/06/2024 12:00 AM impactdb_of_2 London, UK
Country USD Stage
∑ = 732.6
Average 33.3

Data Charts (Static)

Note: “static” charts refers to data visualisations backed by a static data source (like a one-time import). As such they represent visual representations of data snapshots. Where visualisations update dynamically from live data sources, those are described as data charts (live).

Total Outcome Funds Value By Estimated Deployment Stage
(INDIGO, June 2024)

Outcomes Funds Deployment By Country
(INDIGO, April 2024)

ImpactDB