WILLIAM B. EIMICKE
Previous chapters provide diverse perspectives on a variety of cross-sector partnerships. We explored collaborative planning and the partnership process through India’s expansive public service programs. We saw how collaborative leadership in the Central Park and High Line cases created and maintain two of the most iconic and visited public parks on the planet. And we learned how stakeholder-focused program development led to improved and sustained prosperity for rural agricultural communities in Afghanistan.
This chapter describes a cross-sector partnership in Brazil, led by a nonprofit organization called Comunitas.1 Comunitas is known for their work as a convener of conferences in Brazil focused on best practices in local government. They also provide full fellowships for local officials in Brazil, enabling them to earn master’s degrees in public policy and administration. Comunitas’s membership and board includes many of Brazil’s most successful private corporate leaders, who focus on improving the performance of city governments throughout the country. All of the organization’s work is funded by voluntary contributions from members. Recently, Brazil has gone through very difficult economic times, with several major corruption scandals affecting federal, state, and local government officials as well as corporate executives. Public faith in the effectiveness and honesty of government has fallen.
In response to these challenges, Comunitas launched a program called Juntos, designed to bring greater efficiency, integrity, and transparency to local governments in Brazil. Although designed and developed independently of the social value investing framework, Juntos delivers its mission in ways that are analogous.
Juntos has developed formal, cross-sector partnerships with cities through expansive processes and comprehensive strategies. It also relies on decentralized, collaborative leadership across diverse teams, with organizational values that emphasize integrity and respect. Through Juntos, Comunitas members provide philanthropic capital and private sector expertise to help their city government partners. Juntos helps cities revise their financial practices, increase community outreach, and better use their public dollars to improve and expand critical community services, such as public health and education. They also employ place-based strategies to enhance local economic development so these cities can sustain new innovations and improvements with a growing tax base. By mixing social, corporate, and individual investment into a blended portfolio, they are offsetting implementation and political risks, expanding pools of available capital, and aligning financial and social goals to increase public program efficiency. Although Juntos is a relatively new program, it has already achieved measurable success in several Brazilian cities, as you will see in the coming pages.
GOVERNANCE CHALLENGES IN BRAZIL
Brazil has been a boom and bust economy for most of the twenty-first century. Between 2003 and 2012 Brazil enjoyed prolonged economic growth. The boom attracted substantial international investment and helped raise millions of Brazilians out of poverty as the government used higher tax receipts (particularly from oil-related taxes) to fund substantial increases in government cash transfer payments and other social programs. When the global rise in commodity prices ended and oil prices fell, cities across Brazil had to raise taxes on individuals, property, and local businesses to sustain themselves.2
As Brazil’s economy continued to decline, the federal, state, and local governments also cut programs, leading to massive protests across the country. Millions of Brazilians took to the streets, demanding more affordable public transportation, better education, improved infrastructure, as well as greater transparency, more honesty, and less corruption from lawmakers. Many officials were criticized for imposing high taxes yet failing to provide basic city services.3 Responding to legitimate complaints about tax levels and tax fairness would not be easy.
Brazil’s tax system is widely considered one of the most complex and bureaucratic in the world. A 2014 study by PricewaterhouseCoopers (PWC) in cooperation with the World Bank and the International Finance Corporation (IFC) found that business tax compliance in Brazil was the most burdensome tax system of the 189 economies included in the study.4 PWC found that the worldwide average for tax compliance was 268 hours, with United Arab Emirates at the lowest (12 hours) and Brazil as most burdensome, requiring more than 2,600 hours to comply with tax codes.5 In 2018, the World Bank Group rated Brazil 125th of 190 countries in the ease of doing business overall, 139th in trading across borders, and 176th in starting a business.6
Not surprisingly, these high barriers to access a rapidly developing market of two hundred million people enabled a relatively small group of local companies and large multinational corporations to do very well. For all its complexities, Brazil’s legal and tax systems remain stable and consistent, and the World Bank ranks Brazil relatively well in protecting minority investors (43 of 190) and enforcing contracts (47 of 190).7 Some of the most successful companies include Jereissati Participacoes (shopping centers and telecommunications) and Kieppe Patrimonial Ltda. (construction services, oil, and gas). Kieppe is controlled by the Odebrecht family, who played a major role in construction for the Rio de Janeiro Olympics, including the Porto Maravilha (see chapter 13).8
Some of the leaders of these companies and some leaders of other smaller, successful enterprises recognized that Brazil’s growth and development was constrained by overly complex and often inefficient and corrupt governments. They share a sense of corporate social responsibility for the harm this poor governance had on the country’s large population of low-income families and the inequality that characterized most cities in Brazil. In 2000, several of these private sector leaders came together to form a social organization called Comunitas, which combines philanthropic and private sector investment to improve management of the public sector.
COMUNITAS PARTNERS WITH AND INVESTS IN LOCAL GOVERNMENTS
Comunitas’s mission is to drive private sector participation and investment in the social development of Brazil.9 Comunitas is founded on the belief that a better future for Brazil requires more effective local governments and that public-private partnerships, including private sector expertise and investment, can achieve that. Research by Comunitas indicates that private companies are willing to make that investment; its 2014 study found private firms invested R$2 billion (roughly USD $620 million) in education, health, environmental protection, public safety, and other social development projects in that year alone.10
Originally focused on researching best practices in corporate social investment and on its Annual Leaders Forum (which is an ongoing program), in 2012 Comunitas created a cross-sector partnership called Juntos Pelo Desenvolvimento Sustentável (Together for Sustainable Development), widely known as Juntos. Comunitas director and president Regina Siqueira (figure 9.1) explained that Juntos created a network of private sector leaders and companies deeply committed to corporate social responsibility, particularly focused on improving local governments’ financial practices, increasing government outreach to the public, enhancing local economic development, and improving community services. Juntos seeks to accomplish these objectives through cross-sector partnerships of leaders from the private sector, civil society, and local governments, with a primary objective of combining social, corporate, and individual investments to increase public program efficiency.11
Figure 9.1 Regina Siqueria, director and president of Comunitas. Siqueria runs the Juntos program, which works with cities to improve their effectiveness and their accountability to citizens. Photo by Adam Morrell, courtesy of SIPA Case Collection.
Through this combined capital approach, board members such as José Roberto Marinho and Carlos Jereissati, and Comunitas President Siqueira, sought to develop a new strategy for investing in local governments. Rather than support individual gifts to local organizations such as a hospital or school, Comunitas would create a large fund for concerted action and focus on a range of medium-sized cities. The group identified cities as the level of government most in need of help and whose improvement would have the most direct impact on local businesses and residents. The group would provide a package of services, and selected cities could choose options from the package, such as independent financial consulting, leadership coaching, and digital platforms to facilitate citizen engagement.
The initiative is funded by a group of approximately forty donors, including several Juntos board members and other Brazilian business leaders, who together raised more than USD$23 million for the first four years of operation.12 These business leaders believe that a more effective and efficient public sector will improve the lives of all Brazilians and thereby improve the business climate. They also believe that through Juntos they could transfer the best practices of private sector management to local governments across the country, particularly in financial management, customer service, strategic planning, innovation, and communication.13
Juntos board members and senior staff agreed that the most pressing issue facing most local governments in Brazil was recurrent budget deficits. In Brazil, most of the power to tax is at the federal level, but most of the responsibility to deliver key public services such as education, health care, and public safety is handled locally. Federal aid to localities usually falls short of the amount needed to provide quality services. Poor local management, bad planning, fiscal mismanagement, opaque government, poor communication with the public, outdated technology, and corruption exacerbate the impact of the funding shortfalls. All of this is made worse by the pressure of the four-year election cycle for local mayors. Strategic planning and fundamental reform is difficult when you must prepare for the next campaign no more than two years after you are first elected.
Professor Thomas Trebat, director of Columbia University’s Global Center in Rio de Janeiro and an economist and former bank executive, commented, “To build a culture of taxation…requires a lot from local managers. If they are seen as asphalting roads, building a hospital or school [they hope that] voters would somehow reward them for that, but a lot of that spending turns out to be aimed at winning re-election, rather than providing the services that citizens really need and want at prices that are sustainable.”14
To overcome these obstacles, Juntos looked for cities where the mayor and local officials were in their first term and would commit their professional staff to the effort. They followed a similar playbook to that of the social value investing framework: they used formal agreements to enter and structure their partnerships, established mutual operations, and developed comprehensive strategies for city projects. They also developed diverse, decentralized teams, including members from Comunitas, city officials and staff, and private consultants. Programs are place-based by nature due to their focal areas, and the partnering mayors work to include broad community participation and a willingness to operate transparently and share important financial information with Juntos staff, consultants, and the public. With all of the elements in place, a formal contract is signed, and Comunitas, city leaders, and constituents collaboratively select projects for reform and innovation.15
JUNTOS BEGINS IN CAMPINAS
Juntos leadership pilot tested their model in the city of Campinas, located ninety minutes from São Paulo, the largest city in South America, and in Brazil’s most affluent state. The population and wealth of Campinas grew rapidly during Brazil’s boom years, and it became home to major companies including Samsung and Honda, as well as to some important universities. It is connected to the rest of Brazil and to much of the Americas through an international airport and modern highways.
The city government of Campinas was well known for its recurrent budget deficits, inefficient and complex bureaucratic procedures, and corruption. To many of those dealing with the city, it seemed that the only way to get an approval or move paperwork along was to pay a bribe or make a political contribution. Decades of bad behavior reached a breaking point in 2011 when then mayor Hélio de Oliveira Santos was arrested and charged with accepting illegal payments for city water and sewage contracts.
A reform candidate, Jonas Donizette, ran and was elected on a promise to bring fiscal reform, transparency, and responsiveness to Campinas city government. Taking office in 2013, Mayor Donizette and Juntos agreed to partner in the reform. The first step in the process was balancing the city’s budget. To do so, with the city’s approval, Juntos hired a well-respected management consulting firm, Falconi, to conduct a comprehensive financial assessment and audit. The city agreed to open all its books and records to Falconi and then, to broaden community participation, Falconi would present their findings in meetings open to the public and the media.16
Instead of a quick and easy fix by cutting major programs and laying off city employees, Campinas and the Juntos team focused on measuring, monitoring, and reforming government processes to balance the budget in a sustainable manner while improving public services (so citizens would be more willing to pay the taxes they owed). The first step was to set monthly targets for revenues and expenditures that would bring the budget into balance. Second, the city focused on collecting taxes already due that were unpaid or underpaid. By the end of the 2013 fiscal year, for the first time in several decades the city had an operating surplus.17
This strategy reflects aspects of a cross-sector portfolio approach similar to that of social value investing: offsetting financial and implementation risk by blending resources from different sources. The mayor and his team understood that their financial management practices could be improved and, if they were, that the city would likely collect more revenue and reduce expenditures. However, hiring an expert private consulting firm for the analysis and for identifying the appropriate reforms would be politically controversial, and the procurement process would take a long time. Moreover, the winner of procurement might be the least costly consultant rather than the most talented, and there was also the risk that once implemented the reforms might not improve the city’s finances enough to justify the cost of the consultants—at least in the near term. Through the partnership, Comunitas could quickly hire one of the best financial consultant firms in Brazil and pay their fees, protecting the city from significant political and financial risk. With the expertise of Falconi consultants, the city’s implementation risk was also reduced. The city covered the costs of implementing the recommendations, but also reaped the benefits of significantly higher revenue collections and lower expenditures.
The next step for the city and the Juntos team was to show Campinas taxpayers that the city could work better. To illustrate this visibly and meaningfully, the reform team focused on the building permit process. The existing process was extremely complex, very slow, and often corrupt. Typically, granting a building permit required the approval of dozens of bureaucrats in eleven separate agencies, which took an average of more than three and a half months. For local builders and small projects, the cost of the permit process in time and money was high, and the payment of small bribes was often required to move the paperwork along.18
The consultants found that all projects were subject to the same rigorous and complex analysis, regardless of whether it was for constructing a major new factory or a minor home modernization project. In fact, more than 75 percent of all applications were for small projects. Their solution was radical for Brazil (but practiced in many cities around the world): put the process online and allow small projects (up to five hundred square meters for residential projects and up to one thousand square meters for commercial projects) to be “self-certified” by the licensed engineer or architect supervising the construction.19
Average approval time for small projects dropped dramatically to less than a month, and some approvals happened in a matter of days, a very significant and measurable performance improvement. Now city experts and officials could focus their time on large, complex, and potentially higher-risk developments. The new process communicated a basic trust between citizens and their government.20 Here, again, the financial risk of hiring an expert consultant was mitigated by Juntos choosing the firm and paying their fees (figure 9.2). The city continues to bear the implementation risk—the new process might not work—but that risk is partially mitigated as the city relied on experts at Juntos and Falconi to design and implement the new process. To date, the process is working well.
Figure 9.2 In Campinas, Brazil, a team works on the Colab platform provided by Juntos. Colab engages citizens by giving them a voice in setting city priorities and providing feedback on how well the city is functioning. Photo by Adam Morrell, courtesy of SIPA Case Collection.
Enhancing citizen participation in municipal decision making was next for the Juntos collaboration with Campinas. Using an existing online platform called Colab, Juntos helped Campinas engage its citizens digitally through the Colab mobile application and website. Citizens use the application to alert the city government about roads or buildings in need of immediate repair, such as potholes or a crumbling cornice. Citizens can propose a new initiative or rate an interaction with a city agency or official. The new link gives citizens a voice in city decisions, and city officials have a chance to rebuild their credibility in the wake of a major corruption scandal and discover firsthand information about the public’s priorities. Mayor Jonas Donizetti signed a contract with Colab in 2015, and a recent count showed over nine thousand Campinas citizens actively using the platform.21 The use of Colab in Campinas is an important step toward supporting increased community ownership over city programs.
Based on the success in Campinas, Juntos helped the cities of Pelotas and Santos adopt the Colab platform. Juntos worked with each city’s in-house IT staff to customize the platform and integrate it with existing hardware, software, and other communications channels. Juntos ensured that the three cities could operate and maintain their system without expensive outside consultants or ongoing subsidies from Juntos. By blending various sources of capital, Juntos paid for creation of the Colab application and platform and customized it to work with each city’s existing IT hardware, software, and staffing, which allowed the three cities to reduce their financial risk.
Our team visited Campinas in 2016 and observed the progress of the Juntos-Campinas partnership. We spoke to them about their comprehensive strategic plan and next steps in moving the government of Campinas toward long-term success. We met with Mayor Jonas Donizette, the Juntos Leader Partner, Campinas department heads and staff, citizens, and local business leaders. Although the visit was relatively short, we saw much of the city, met many residents, and were impressed with the professionalism and commitment of the government and Juntos. It was clear from the many people we met there that citizens in Campinas wanted to make their city a model for other cities throughout Brazil and even around the world.22
JUNTOS PARTNERSHIPS SPREAD ACROSS BRAZIL: PELOTAS
Building on the success of the Campinas pilot project, Juntos launched similar initiatives in small and medium-sized cities across Brazil. The popularity of the Colab platform in Campinas encouraged Juntos to use technology to improve management and services in other places. The city of Pelotas, in Brazil’s southern state of Rio Grande do Sul, provided Juntos with an opportunity to work with a young, newly elected, energetic mayor, Eduardo Leite (figure 9.3), who was known for his intelligence and integrity. These collaborative leadership attributes contributed to the choice of Pelotas as a Juntos partner. Mayor Leite believed the private sector could help government manage more effectively and efficiently. Acting on this belief required political courage because partnerships between the government and private entities were generally viewed unfavorably in his region. Mayor Leite (elected in 2012) said he welcomed a partnership with Juntos because they had the financial resources and management expertise that could help his city deliver better services to its citizens at a lower cost.23
Figure 9.3 Mayor Eduardo Leite at a city health clinic designed collaboratively with local residents and completed through the Juntos-Pelotas cross-sector partnership. Photo by Caco Argemi / Valor Econômico / Agência O Globo, courtesy of Comunitas.
Juntos agreed that the city should choose which services to improve with their help. Based on public surveys and meetings with his constituents, Leite focused on improving public health by refocusing the municipal health care system on primary care. Leite hoped that by doing so the city would not only improve the health of its citizens but also save money.24
With financial assistance from Juntos, Leite hired Falconi, the same consultant firm used in Campinas. The city also partnered with the Tellus Institute to rethink and redesign the city’s public health program. The redesign process began with a dialogue between citizens and frontline health care workers, which continued throughout the implementation phase. The top priority for the participants was to make the system and the facilities more welcoming and the approach more holistic.
Ultimately, they created a new system called Rede Bem Cuidar (Well-Cared-for-Network) in the Bom Jesus Basic Health Care Unit. The facility includes not only health care services but also an educational kitchen to promote a healthy, well-balanced diet, a community garden, an outdoor exercise space, a playground for children, and green space for quiet contemplation and relaxation.25 The city could afford to pay only about 15 percent of the capital costs for a new facility, so Juntos provided a capital grant for the rest and construction began immediately. This approach was an effective blending of capital in which the initial risk was offset from philanthropic contributions, making it possible to kick-start these public service upgrades.26
Like Campinas, Juntos funding helped mitigate the city’s financial risk in choosing the private sector consultants (Falconi and Tellus) for the health care reform initiative. Juntos also helped the city reduce its implementation risk by paying 85 percent of the capital costs of redesigning the first holistic clinic. Subsequent surveys indicate that the people of Pelotas are very pleased with the new facility they helped design. Today the clinic is much more than a place for the sick: citizens come in regularly to learn how to cook healthy meals, how to exercise more beneficially, and to watch their children play. Based on this initial success, Pelotas has financed the redesign of two more clinics, with partners making substantial complementary investments.
Using the Colab model from Campinas, Juntos helped Pelotas create a digital platform called Click Health (Clique Saúde). Click Health shows its users the most convenient health care center or emergency room and lists the services provided and the medications available—it can even schedule vaccinations by location. Click Health also sends out health care alerts and public health information from the city.27
Mayor Leite commented that the Juntos partnerships with local government are extremely important in improving Brazil’s public management. He said Juntos gave his city access to the best experts in financial management, strategic planning, and design, substantially mitigating the city’s financial and his own political risk of adopting more innovative management practices. Juntos also helped expedite the implementation of the innovations by paying for some of the capital costs of rehabilitating the first new health clinic and of setting up the Colab communication platform. The Juntos network also connected Mayor Leite with the Lemann Foundation, experts on education innovation in Brazil. With Lemann’s help, Leite brought the well-known and well-respected Khan Academy to Pelotas to help improve elementary and secondary education in the city.
CURITIBA: BUILDING ON A HISTORY OF PLANNING AHEAD
In the 1970s, the leaders of the southern city of Curitiba sought to emulate the futuristic, well-planned new Brazilian capital of Brasilia. Brasilia was based on the now world-famous vision of Oscar Niemeyer and Lucio Costa and was built from scratch in four years. Brasilia was designed to be modern and beautiful and was carefully and rationally organized. The buildings are widely viewed as beautiful, but the city is huge, designed for the automobile, and lacks the “street life” we often associate with great cities such as New York or Paris.28
Curitiba embraced the Brasilia concept of a modern, well-designed and beautiful city but with a very different vibe, greatly influenced by architect and former Curitiba mayor Jamie Lerner. Lerner sought to design a city that would welcome working, shopping, recreation, diversity, and art, and one that would not depend on the automobile.29 Building on these principles, Curitiba is becoming a model for other sustainable cities, particularly for its innovative and expansive express bus-based transit system (BRT)—essentially an aboveground subway. In the 1980s, Curitiba expanded the system to the entire metropolitan area and subsequently the model was copied by Bogota, Colombia’s TransMilenio, and in other cities around the world from South Africa to China.30
Entering the twenty-first century, Curitiba’s commitment to innovation through strategic planning was slowing. The tremendous growth in population—from 360,000 when the commitment to planning began to more than 1.8 million today—put tremendous pressure on the system. Despite the continuing success of the BRT, new housing developments were less carefully planned, and car use increased significantly, adding traffic congestion and air pollution.31 As the population grew, planning became more top-down, less collaborative, and less effective.
In response, during the early 2000s, the city introduced a new plan—Curitiba 2030—but it was only partially implemented and then shelved. City officials believed the problem with Curitiba 2030 was that key stakeholders and the public were not engaged enough in its formulation and implementation. Therefore, Juntos and Curitiba decided to partner in an effort to recapture the community’s spirit of cooperative planning and innovation.32
Working with Juntos, the city began to reinvent the 2030 plan as Curitiba 2035, using aspects of a place-based approach (see chapter 8). Juntos provided technical assistance on network management to engage key citizens and civil society. Overall, thirty stakeholders and more than 250 technical experts contributed to the strategy. A series of lectures, panels, meetings, and communications expanded participation and knowledge about the new plan. In late 2016, the opposition party won the municipal elections, so the future of Curitiba 2035 is unclear.33 Nevertheless, the partnership between Curitiba’s government and Juntos developed a new city planning engagement platform that can be replicated elsewhere. And, the new Mayor seems to be embracing the partnership with Juntos.
Here again, Juntos helped mitigate the financial and implementation risks of innovation in Curitiba by providing technical assistance to design a networking system that would effectively connect key stakeholders. The system also enabled a very large number of experts to contribute to the plan itself, and it provided substantial transparency by communicating the substance of a series of meetings and discussions regarding what the plan should encompass. Because the plan has not yet been implemented, it is uncertain whether the Juntos investment will mitigate the city of Curitiba’s implementation risk.
A GROWING NEED FOR THE JUNTOS MODEL
Beginning in 2015, a wide-ranging set of corruption scandals enveloped Brazil, starting with the revelation of kickbacks and payoffs around the oil and gas giant Petrobras and spreading to the construction projects for hosting the FIFA World Cup in 2014 and the Rio Summer Olympics in 2016. Hundreds of politicians and company executives have been accused, and many convicted. A former president (Lula) and the current president (Temer) stand accused, another former president (Rousseff) was removed from office, and trust in the Brazilian government continues to erode.34 A 2016 Gallup poll found that a mere 15 percent of Brazilians trusted their country’s leadership, a record low. The study also indicated that perceived corruption was at a record high of 78 percent.35 A poll in April 2017 found that over 90 percent of Brazilians felt the country was on the wrong path, and President Temer’s September approval rating was at 3.4 percent.36
For Juntos and the leadership of Comunitas, these national events make their work at the municipal level even more critical and challenging. Juntos and its partner cities have sought to overcome the public’s general skepticism and understandable anger at their government by providing positive results. Working locally, Juntos is helping to improve services that matter to the citizens through a partnership process that engages the public and operates with a full commitment to transparency. So far, the public seems to recognize the difference. In the 2016 elections, public officials in Juntos network cities were reelected at twice the rate of the national average. In the eight partner cities in which the mayors were up for reelection, six were reelected and one, Eduardo Leite of Pelotas, chose not to run for a second term, leaving office with a 60 percent approval rating.37
JUNTOS: TODAY AND TOMORROW
Since its initial 2013 pilot project in Campinas, Juntos has partnered with the cities of Pelotas, Curitiba, Paraty, Juiz de Fora, Teresina, Santos, and Itirapina to facilitate improvements and innovations in local governments across Brazil. In 2017, Juntos initiated new partnerships with larger cities, including São Paulo, Porto Alegre, and Salvador. Juntos also continues to host an annual meeting of its network of public officials and its expert members for discussion and debate on important issues and problems facing local governments in Brazil. The 2017 meeting, for example, focused on cross-sector partnerships. Comunitas sought to spur new thinking by inviting representatives from outside Brazil to speak about their experiences with partnerships as a tool for innovation, including the Mayor of Medellin, Colombia, whose city has been called a model for twenty-first century urbanism.38 Juntos also hosts special forums on critical municipal challenges.
At Juntos governance meetings, local business leaders, mayors, cabinet secretaries, and technical partners gather to discuss expectations, challenges, and opportunities for the program itself.39 Also in 2017, Juntos took its knowledge-sharing and government-improvement initiatives beyond its network of partnerships by offering an open online learning and training platform called Rede Juntos, which provides information, digital tools, and private sector expertise to anyone.40
Going forward, Comunitas and the Juntos initiative face significant challenges. Whether the network can be sustained and expanded in the economic and political malaise that currently envelops Brazil remains to be seen.41 Additional funds must be raised to add new cities to the network. A very important and positive Juntos rule (but significant fund-raising challenge) is that private donors cannot have a financial interest in Juntos partner cities. Also, new projects need to have medium to high initial investment costs (covered by Juntos private members) and low ongoing maintenance costs, so that the cities are able to sustain the innovations over the long term.
Evaluating the performance of the initiative, internal studies by Comunitas found that partner cities benefit ten dollars in program savings or increased revenues for every dollar Comunitas invests through Juntos.42 Clearly, the investment of private capital and expertise produces a major benefit to the people of Brazil. By offsetting program, cost, and implementation risk for its partners, the Juntos program engages in a blended capital approach aligned with the social value investing portfolio element (see chapter 10). Although the Juntos portfolio represents investments broader than the set of financial tools outlined in chapter 10, the overall principles are the same—combine different types of capital, especially from less risk-averse sources such as philanthropy, to create a coordinated strategy that finances the programs in a cross-sector partnership.
