the cvaa adoption bond - a new view on sibs
TRANSCRIPT
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www.bakertilly.co.uk
Jim Clifford
T: +44 (0) 7860 386081
@Clifford_Jim
Its All About Me
The CVAA Adoption Bond
A new view on SIBs.?
14th May 2013
mailto:[email protected]:[email protected] -
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Typology of Social Investment
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Capital repayment/ risk
Purpose
Yield
PPS
A
Variable - Mezzanine
Variable equity-type
Fixed-Mezzanine / contingent
Fixed with profits
Fixed low/ regular
None
Guarantee/ deposit
Fixed Capital
Bridge/ Working Capital
Clifford, 2012
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Social Investment
and the emerging SIB
Issuer defines terms
Multi-party funding; same terms
Application for specified social
purposes
Investor reward balance
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A Simple SIB structure
From the Social Investment Symposium Report 2013
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IAAM - Whats the issue ?
As much as 80%dont find places
Adoptive placesneed to meet their
needs:
Attachment
Development
Beliefs
Trauma
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Whats the solution ?
More parents
Sourced UK-wide
Willing to take harder
to place children
Therapeutically
trained
With funded
appropriate support
With LAs still able to
decide when its
needed
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Appointed
Fund
Manager
Investors
(SPV)
Feeder
Co. (Ltd)
Fund (LLP)(co owned by Profit Co.
and Feeder Co.)
VAAsLAs
SLAM
Service Provider
Service
Co (Ltd)
Profit Co.(Ltd)
CVAA
VAT
Grouping
Notice
IAAM Corporate and Delivery Structure
Funding &
Relationship
flows
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to boldly go..Its All About Me: the Adoption Bond
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SIB elements (PbR, measurement, finance,provider relationships),
but VCS-originated in an 18-way VAA network
Market re-engineering:
Seeking parents for children Behavioural drivers embedded:
individuals
organisations
Debt instrument: revolving credit with
kicker
Aligned risk-yield bridging to normal Treasury compliant
General market-ready
Networked creation networked delivery
Spot-purchasenon-procured / type A
Market-defined cohort
Risk arbitrage model