Macquarie 50th Anniversary Award

Social Finance

The Macquarie 50th Anniversary Award supports five organisations that are addressing areas of significant social need through bold projects that promise lasting community benefit.

$US1 billion

In capital to be unlocked

20 - 25

Pay for Success programs developed through the Award funding

20,000-25,000

Individuals assisted over the life of the funding

Social Finance aims to unlock $US1 billion in capital to address declining economic mobility in the United States.

Since its founding in 2011, Social Finance has pioneered the field of Pay for Success, through innovative financing strategies like the social impact bond and the career impact bond, to measurably improve the lives of those in need.

Their current social impact bonds address critical workforce issues, providing immigrants and refugees with vocational training and supporting Veterans to find and keep good jobs, as well as other social challenges.

Social Finance’s first career impact bond will enable 1,000 low-income students to access support services and valuable training in coding to achieve career success. Once participants gain employment above a certain income, they pay a fixed percentage of their salary over a number of years, up to a capped amount.

By deploying catalytic capital, Social Finance drives better employment outcomes and improves economic opportunity for the under-served.

"Fifty years ago, 90 per cent of children in the US went on to earn more than their parents. Today it is just 50 per cent. Meanwhile, 40 percent of employers face labour shortages, resulting in over 7 million unfilled jobs nationwide. With the Macquarie Award, we will build a bold set of impact investments to address the dual challenges of declining economic mobility and a growing skills gap in our economy."

- Tracy Palandjian, CEO, Social Finance

"Social Finance addresses a compelling area of social need by unlocking new pathways to economic mobility. This novel approach to social impact investing will see thousands of people trained and employed by addressing social needs with private sector funds, based on social outcomes achieved."

- Shemara Wikramanayake, CEO, Macquarie Group

Funding outcomes

The Award funding will support the completion of the critical development phase of the technology. Once the design is proven, The Ocean Cleanup can begin its scale-up to a full fleet of systems to be deployed across the Great Pacific Garbage Patch.

Meet the other winners

Last Mile Health

Monash University The World Mosquito Program

Murdoch Children's Research Institute World Scabies Elimination Program

The Ocean Cleanup