Massachusetts' $27 million "Pay for Success" social impact initiative wasn't just another deal for veteran bond lawyer Navjeet Bal, and not because it represented the nation's largest funding vehicle of its kind.

At Gov. Deval Patrick's press conference in late January to announce the program, frequent offender Ralph Bonano shared how Chelsea, Mass., nonprofit social service organization Roca Inc. helped him avoid going back to jail.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.