In a short four years since the first pay-for-success (PFS) contract was written in New York City, nearly ten contracts worth roughly $100 million have been written in the US, with at least another ten in advanced stages of closing. In each of these cases the local government would pay for reducing recidivism, or improved early childhood education, or reduced homelessness, and other such social ills, only if the contracted agencies actually deliver on agreed-upon performance goals, the financial risk being borne entirely by private investors. With Tracy Palandjian one of the cofounders of Social Finance, a pioneer in PFS contracting, the panel will explore the limits and boundaries of PFS contracting. What conditions are required for PFS contracting to succeed in the US? The panel will then expand the discussion to its applicability in international development with Matt Bannick, managing partner of Omidyar Network, a pioneering impact investor.