Reed Smith received the award in recognition for its work leading on the world’s first and largest healthcare development impact bond (DIB): The Utkrisht Bond. The Utkrisht Bond was completed by Reed Smith’s pro bono global Social Impact Finance Group, led by London partner Ranajoy Basu. Based in the UK and U.S., and involving jurisdictions throughout the EU, Middle East, and Asia, the group represents investors, social entrepreneurs, financial institutions, private and institutional investors, social enterprises, and microfinance lenders in pioneering business models to address social need.
The bond aims to reduce mother and infant mortality by improving the quality of maternal care in Rajasthan, India. The money raised will be used by service providers to improve access to and quality of care in up to 440 private facilities, supporting government efforts to reduce maternal and newborn deaths.