Project
| ID | INDIGO-POJ-0056 |
|---|---|
| Impact Bond Name - (Value) | Improving Mental Health and Employment Social Bond (Auckland) |
| Stage of Development - (Value) | Complete |
| Dates - Start date of service provision - (Value) | 2017-02 |
| Dates - Actual end date of service provision - (Value) | 2018 |
| Dates - (Source ID's) | source1, source10 |
| Overall project finance - Total investment commitment - Currency - (Value) | USD |
| Overall project finance - Total investment commitment - Amount - Exact - (Value) | 1500000 |
| Overall project finance - Total investment commitment - Amount USD - Exact - (Value) | 1500000 |
| Purpose and classifications - Intervention - (Value) | This 'social bond' is designed to improve the employment outcomes for those with mental health conditions, delivering reduced welfare dependence and improved mental health outcomes. Once people have been selected for the programme, APM undertake an employment matching role, customised for each client. Once the client has gained employment the service continues with a mentoring and wraparound support programme to help with the transition from a benefit to paid work. |
| Purpose and classifications - Policy sector - (Value) | Employment and training |
| Purpose and classifications - (Source ID's) | source7,source2 |
| Service and beneficiaries - Target population - (Value) | The programme seeks to help jobseekers, receiving a Main Benefit and who have a diagnosed mental health condition in the Auckland suburbs of Manukau, Manuwera, Clendon, Papakura, Pukekohe and Waiuku. |
| Service and beneficiaries - Targeted number of unique service users or beneficiaries (total) - (Value) | 1700 |
| Service and beneficiaries - Unit type of targeted service users or beneficiaries - (Value) | Individual |
| Service and beneficiaries - (Source ID's) | source1 |
| Notes - (Value) | Services are provided by an experienced, for-profit service provider. According to NZ Treasury the bond’s base case or expected performance occurs when 43% of the referred clients are placed in employment. This compares with a counterfactual where 10% find employment without any interventions, and a 30% target for the main comparable MSD intervention, Work-to-Wellness contracts.To improve potential interest in the bonds, the $1.5m of private investment is split into two classes. On base case assumptions, less risky Class A capital is expected to return 7%, and more risky Class B 13%. The contract caps maximum potential yields at 9% and 17% respectively (with any surplus returned to the Crown). Downside risks are also considerable, with early termination only possible after yields have dropped to around 3% on Class A and -19% on Class B |
| Delivery Locations 1: Location - Name - (Value) | Six Auckland suburbs of Manukau, Manuwera, Clendon, Papakura, Pukekohe and Waiuku. |
| Delivery Locations 1: Location - Country - (Value) | NZ |
| Delivery Locations 1: Lat/Lng - Lat - (Value) | -36.863848 |
| Delivery Locations 1: Lat/Lng - Lng - (Value) | 174.811828 |
| Sources 1: Id | source1 |
| Sources 1: Name - (Value) | New Zealand Treasury Social Bonds Information Release, 2017 p. 4 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3692862.pdf |
| Sources 2: Id | source2 |
| Sources 2: Name - (Value) | New Zealand Treasury Social Bonds Information Release, 2017 p. 2 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3692862.pdf |
| Sources 3: Id | source3 |
| Sources 3: Name - (Value) | New Zealand Treasury and Ministry of Health joint report Social Bonds information release, 2017, p. 7 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3693730.pdf |
| Sources 4: Id | source4 |
| Sources 4: Name - (Value) | New Zealand Treasury and Ministry of Health joint report Social Bonds information release, 2017, p. 3 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3693730.pdf |
| Sources 5: Id | source5 |
| Sources 5: Name - (Value) | Redacted information in New Zealand Treasury and Ministry of Health joint report Social Bonds information release, 2017, p. 3 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3693730.pdf |
| Sources 6: Id | source6 |
| Sources 6: Name - (Value) | Wilberforce Foundation early investor in government’s first Social Impact Bond, accessed on 29/07/2019 at http://www.wilberforce.org.nz/news/wilberforce_early_investor_in_social_impact_bond |
| Sources 7: Id | source7 |
| Sources 7: Name - (Value) | New Zealand Treasury Social Bonds Information Release, 2017 p. 4 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3692862.pdf and Wilberforce Foundation early investor in government’s first Social Impact Bond, accessed on 29/07/2019 at http://www.wilberforce.org.nz/news/wilberforce_early_investor_in_social_impact_bond |
| Sources 8: Id | source8 |
| Sources 8: Name - (Value) | New Zealand Treasury and Ministry of Health joint report Social Bonds information release, 2017, p. 6 accessed on 29/07/2019 at https://treasury.govt.nz/sites/default/files/2016-11/sb-3693730.pdf |
| Sources 9: Id | source9 |
| Sources 9: Name - (Value) | Ministry of Social Development Memo, Update on the Supporting People with mental illness to gain and sustain employment (Pilot Social Bonds Tranaction) from p. 34 accessed on 29/07/2019 at https://www.msd.govt.nz/documents/about-msd-and-our-work/publications-resources/official-information-responses/2018/september/r-20180919-mental-health-and-employment-social-bond-pilot.pdf |
| Sources 10: Id | sourcehackandlearn2021-08 |
| Sources 10: Name - (Value) | Hack and Learn - August 2021 |
| Sources 11: Id | source10 |
| Sources 11: Name - (Value) | Email correspondece with G Fund Limited Auckland on 22 February 2023. |
| Sources 11: Type - (Value) | Email correspondence |
| Service Provisions 1: Id | serviceprovision1 |
| Service Provisions 1: Organisation ID - (Value) | INDIGO-ORG-0149 |
| Outcome Payment Commitments 1: Organisation ID - (Value) | INDIGO-ORG-0151 |
| Investments 1: Id | investment1 |
| Investments 1: Organisation ID - (Value) | INDIGO-ORG-0152 |
| Investments 2: Id | investment2 |
| Investments 2: Organisation ID - (Value) | INDIGO-ORG-0153 |
| Investments 3: Id | investment3 |
| Investments 3: Organisation ID - (Value) | INDIGO-ORG-0149 |
| Investments 4: Id | investment4 |
| Investments 4: Organisation ID - (Value) | INDIGO-ORG-0155 |
| Intermediary services 1: Organisation ID - (Value) | INDIGO-ORG-0150 |
| Intermediary services 1: Notes | The Social Bonds Pilot team (within government) has helped APMW explore and broker potential investment. |
| Outcome Metrics 1: Id | outcomemetric1 |
| Outcome Metrics 1: Outcome Definition - (Value) | Work placement rate. |
| Outcome Metrics 1: Targeted number of service users Or beneficiaries (total) - (Value) | 1700 |
| Outcome Metrics 1: Primary SDG goal - (Value) | 8 |
| Outcome Metrics 1: Secondary SDG goals - (Value) | 3 |
| Outcome Metrics 1: Primary SDG target - (Value) | 8.5 |