The investors in the financing models with whom we've interacted in the development of social impact bonds across Canada are predominantly socially motivated investors. These are high net worth individuals who are very concerned about issues in their community; they are also foundations; and in some cases they are commercial businesses or commercial financial institutions as well.
Within that, broadly speaking, they are also receiving a financial return that is generally commensurate in compensating for the risks they're taking in potentially losing all the money they're investing on the basis of performance. If outcomes aren't met, then all the investment they've made would be lost.
However, we are also seeing that because these are socially motivated investors—and this is very true of international social impact bonds as well—the expected rate of return relative to the risk that's being taken is actually what would be called in the financial community “concessionary”. People are accepting less return than would normally be seen within a fully commercial marketplace, because they recognize the value of the social good, but equally also, that these are scenarios in which the public sector, the government itself, is also capturing a significant amount of benefit.