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Underwriting Pay for Success Investments - Archived Webinar

With eight projects launched to date in the U.S. and many more in the pipeline, Pay for Success (PFS) investments have emerged as a unique and growing opportunity for CDFIs, philanthropic investors and other financial institutions to invest in building strong and vibrant communities through high-impact interventions.

To support the flow of capital into PFS projects, Local Initiatives Support Corporation (LISC) and Third Sector Capital Partners, Inc. hosted a webinar explaining how to underwrite PFS investments. The webinar covered topics such as capital stacks and structures, risks and mitigating factors and due diligence, and included case studies from CDFIs that have played a key role in funding PFS deals across the country. 


  • LISC: Malini Nayar, Director of Business Development, National Lending
  • Third Sector Capital Partners: Rick Edwards, Managing Director, Capital & Philanthropy and Laila Goldberg, Director
  • Nonprofit Finance Fund: David Streim, Associate Director, Investment Underwriting
  • The Reinvestment Fund: Andy Racklin, Managing Director, Lending and Investment

Access the recording here.

View the slides here and a Q&A here.

Posted in Bringing Programs to Scale, Implementing

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