Welcome to Invest in Outcomes!

Human Capital Performance Bonds (HUCAP) are State AA “annual appropriation” bonds that fund high-performing human services. They are purchased by private investors and financial institutions seeking a market rate of return. They also are purchased by social investors who support organizations that demonstrate positive societal impact. 

A bill to create a Human Capital Performance Bond pilot project has passed the Minnesota State Legislature and was signed by Gov. Mark Dayton. Learn more about the current status on the Legislative Update page.
As the state’s general fund spending for most programs is expected to significantly decrease in the future, a pilot will bring in new private-sector money – without raising taxes – to meaningfully increase support for worthy programs that can demonstrate value. To learn more about Human Capital Performance Bonds and to track the progress of the pilot program, visit the sections of this site. 

Please share your questions and comments in the Contact Us section.

Thank you for your interest!

What’s New

Steve published in Community Development Investment Review

Steve authored an article on Human Capital Performance Bonds in the Federal Reserve Bank of San Francisco’s Community Development Investment Review. Read it here.

What is Invest in Outcomes?

Invest in Outcomes is a nonprofit developing the Human Capital Performance Bond to provide additional capital for the state’s highest performing human service providers from private investors such as banks, pension funds, individuals & foundations.



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