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Managing Director, Social Investment – Social Finance

By July 22, 2018 No Comments

About Social Finance

Social Finance is a national 501(c)(3) nonprofit dedicated to mobilizing capital to drive social progress. Our work bridges the worlds of policy, finance and social change. Over the last eight years, we have been working with colleagues across the sectors to pioneer the Pay for Success field in the United States. Our portfolio of Pay for Success strategies aims to enlist private capital for public good, use data and evidence effectively, and unite uncommon partners – governments, investors, and nonprofits – around a common purpose: to measurably improve the lives of those in need.

What is Pay for Success?

At its core, Pay for Success (PFS) is a public-private partnership that funds effective social services through a performance-based contract. PFS financing (also known as Social Impact Bonds) enables federal, state, and local governments to scale high-performing service providers and achieve results by harnessing private investment capital. If, following an independent evaluation, the program achieves predetermined outcomes that benefit society and generate public value, then government repays investors. However, the government pays only at the level of outcomes achieved.

PFS generates returns by creating efficiency and improving effectiveness in the way government deploys taxpayer funds—by investing in prevention and focusing on outcomes instead of outputs. In any PFS financing, every dollar of return directly represents a tangibly measured unit of human impact. At the same time, it’s a methodology for agreeing on the outcomes policymakers and communities choose to prioritize, and a reimagining of the social sector that focuses on results and rewards performance.

Today, over 100 PFS projects have raised $400M globally, across issue areas spanning early childhood, workforce development, homelessness, criminal justice and education. In the US market, 20 PFS projects have launched to date, with over $210 million in capital deployed. In the past 12 months, two PFS funds have entered the market, deploying capital from insurance companies, CDFIs, and other impact investors. Dozens of states, counties, and cities have commissioned projects or passed enabling legislation. The federal government recently passed the Social Impact Partnerships to Pay for Results Act (SIPPRA), landmark legislation allocating $100M in funding to support PFS projects based on state and local need.

Building on the movement for public accountability and evidence-based policymaking, PFS contributes to the ever growing public discourse on the use of data within the public and social sector, how to define and measure success, and how to contract for performance.

The Opportunity

As a change-maker at the forefront of the PFS field and the impact investing industry, the new Managing Director will inspire a movement and lead an exceptionally talented team to realize our mission to mobilize capital to drive social progress. This role represents a unique opportunity to achieve both significant impact for specific populations in need at a local level, and transformative, systemic change for how we deliver on social progress at a national level.

Based in our Boston headquarters, this position is ideal for candidates who want to combine their prior professional investment expertise with creativity, innovation and impact. The Managing Director enters the firm at an inflection point and will play a unique role in expanding our reach, accelerating product development and driving innovation. In addition to helping build the firm, this individual will streamline deals through standardizing workflows, refining existing products, developing new structures, expanding our presence in the investment community, and contributing to thought leadership in impact investing.

Responsibilities

Reporting to the CEO, the Managing Director of Social Investment will lead an investment portfolio, with responsibility for deal origination and development, financial structuring and capital raise, and ongoing performance management and investor relations. The Managing Director will also play a critical role in leading the firm, the Pay for Success field, and Social Finance’s role in the impact investing industry.

Product Development and Transaction Execution

  • Enhance and oversee a full spectrum of Social Investment activities: deal development, financial structuring and capital raise, post-close performance management and ongoing deal operations
  • Oversee and lead product development and refinement; offerings may include but are not limited to traditional PFS transactions, prevention funds, outcomes funds, and Income Share Agreements

Investor Development and Relations

  • Develop and execute capital formation strategy for Social Finance investment offerings
  • Cultivate and manage relationships with financial institutions, broker dealers and investors, which may include pension funds and other institutional investors, CRA investors, foundations, wealth management platforms, high net worth individuals and family offices, and donor advised funds
  • Oversee ongoing investor relations, including financial and programmatic reporting

General Firm Management

  • Partner with the senior leadership team (CEO and MDs) to share oversight duties within firm management. Activities may include, but are not limited to:
    • Refine strategic direction of firm, appropriate allocation of resources and organizational goal-setting
    • Collaborate across the firm to lead business development and fundraising efforts
    • Support firm’s talent management efforts via recruiting, coaching, goal setting, mentoring, and ongoing performance management
    • Work to advance the growing Social Finance Global Network

Field Building

  • Contribute to thought leadership and represent Social Finance at strategic conferences and events
  • Engage financial institutions, asset owners, investment advisors and other intermediaries to broaden mainstream knowledge of Pay for Success
  • Lead development and exploration of new innovative financings that link performance to payment

Qualifications

We are looking for an entrepreneurial professional with the agility, enthusiasm, and aptitude to thrive in a dynamic organization and sector. Candidates should have:

  • 20+ years of combined graduate school and work experience in impact investing, investment advisory, investment banking, community development finance, venture capital or private equity; specifically, experience in raising private capital and overseeing a revenue-generating line of business
  • Extensive client-facing experience; ability to identify, build and maintain strategic relationships across sectors and stakeholders, from government and nonprofits to financial institutions, foundations and high net-worth individuals
  • Strong knowledge of key issues in effective nonprofit management and social interventions as demonstrated by key social and / or public sector volunteer or work experience
  • Superior communication skills; ability to influence and inspire others; to translate new, complicated concepts to unfamiliar and diverse audiences
  • Commitment to leading by example, expecting and delivering on the highest standards for staff and project teams; ability to coach Vice Presidents and Directors toward project goals and execution
  • Dedication to continuous improvement and to providing and soliciting ongoing feedback
  • Ability to contribute to our unique culture by balancing a commitment to excellence with a sense of modesty and humility, by striving for best in class while having some fun along the way
  • Commitment to living Social Finance’s core values around people, performance, collaboration, and integrity

Please find more information here.

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