PFS Projects
How are they structured?
Fiscal Services
Agreement
Project Manager
*Advisor
Provides advisory services
and/or technical
assistance
Lender(s)
Senior and/or
Junior Loans
$X million
Grant(s)
Grantor(s)
Success
Payments
Special
Purpose
Vehicle
$X million
Payments to fund
intervention
• ----- delineate roles and
functions that are not
present in all PFS projects.
© 2015, Third Sector Capital Partners, Inc.
Service
Provider(s)
Up to $X million
Evaluates
impact
(determines
payments)
Government
Payer
Evaluator
Verifies outcomes
Validator
PFS Contracting
What are the agreements and who holds them?
The SPV is the holder of all PFS agreements
Government Payer, Service Provider(s),
Evaluator, Project Manager, project partner(s)
PFS Ramp-up
Agreement
Government Payer & Service Provider(s)
PFS Contract
Grantor(s)
Grant Agreement(s)
Senior & Junior Lender(s)
Lender Agreement(s)
Evaluator
Evaluator Agreement
Validator
Validator Agreement
Advisor
Advisory Agreement
Project Manager
Project Manager
Agreement
Fiscal Agent
Fiscal Services
Agreement
Special Purpose
Vehicle with ...
• ----- delineate roles
and functions that are
not present in all PFS
projects.
© 2015, Third Sector Capital Partners, Inc.