The traditional view of bonds focuses only on financial returns. But social bonds turn that model on its head by aligning capital with solutions to pressing social challenges. Social bonds link financial success directly to positive societal change.

Across these 3 conversations from past guests of the SRI360 podcast, a common thread emerges. When you design investment strategies to solve real problems and hold yourself accountable for the outcomes, you can unlock new sources of alpha, resilience, and long-term value.

Social impact bonds show how shifting incentives can deliver better results for both investors and society.

Here are the featured guests:

Sir Ronald Cohen, Co-Founder and President of GSG Impact

Sir Ronald Cohen’s story begins in traditional venture capital, where he saw firsthand both the power and the limitations of finance. While VC could create jobs and generate wealth, it could also widen the gap between those at the top and everyone else. Could capital markets be redesigned to actively close those gaps instead?

The answer took shape in the form of the social impact bond – a financial instrument where investor returns are tied directly to measurable social outcomes. The first was used to reduce reoffending among UK prisoners, shifting the risk from taxpayers to investors and incentivizing real results over box-ticking.

From there, Sir Ronald Cohen went further, creating “impact accounting” – a framework to measure corporate social and environmental performance in monetary terms. It’s a practical idea because people understand numbers more than anything else; hence, the approach to valuing impact is the same as valuing profit.

Full episode

Adam Swersky, Former CEO, Social Finance

Adam Swersky’s work at Social Finance has been instrumental in the creation and scaling of social impact bonds and similar outcomes-based financing models. Adam explains how bringing finance into the equation can force a greater focus on measurable outcomes, driving partnerships that are laser-focused on solving acute social problems. 

From the Peterborough Prison Program to the Mental Health Unemployment Partnership, Adam’s experience demonstrates how applying capital to social issues creates a discipline around results, sustainability, and long-term impact. 

Full episode

Simon Bond, Former Executive Director of RI Portfolio Management, Columbia Threadneedle Investments

At Columbia Threadneedle, Simon managed the UK and European Social Bond Funds – large-scale, diversified portfolios where every bond issued was tied to a clear, measurable social benefit.

This is not philanthropy disguised as investing. These funds delivered market-rate returns while financing projects like affordable housing, education, public health, and climate resilience. Simon calls it “positive inclusion” – actively seeking out issuers whose activities deliver net social gain.

Every investment was assessed not just on financial merit, but on its documented social outcomes. And because these are public market instruments, the scale was enormous, allowing institutional investors to channel billions into projects that might otherwise be underfunded, without sacrificing liquidity or returns.

Full episode

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