Social Impact Bonds
Alicia Glen, head of the Urban Investment Group at Goldman Sachs, discusses the firm's commitment to "social impact investing"–the idea of leveraging private sector capital to finance public social services.
Recently, Goldman Sachs invested approximately $10 million in a “social impact bond” to help fund a program in New York City. The initiative – which Goldman Sachs is in partnership with the City of New York, Bloomberg Philanthropies and MDRC, a social services provider – will finance a program called Adolescent Behavioral Learning Experience (ABLE), aimed at reducing the recidivism rate for adolescent offenders at the Rikers Island correctional facility.
To read more about the program, read the City of New York's press release.