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Understanding outcomes funds around the world
Speakers

Speakers

Abha Thorat-Shah

Abha Thorat-Shah

Executive Director of Social Finance, The British Asian Trust

Abha leads British Asian Trust’s Social Finance work across South Asia. She is also a founding member of The British Asian Trust and has contributed to its growth and leadership over the last 15 years. Abha was a Fellow of Practice in 2021 and 2022 at the Government Outcomes Labs, Blavatnik School of Government, University of Oxford. Before coming to the Trust, Abha was the Chief Operating Officer of the UK India Business Council after five years in the Reinsurance markets in London.

She grew up in Mumbai, India and graduated with a BA in Political Science from the University of Mumbai and a BA Hons in Social and Political Sciences from Cambridge University. She is currently serving on the Board of Trustees at the London Stock Exchange Foundation and the UK Board of Transform Schools, a non profit focussed on secondary education in India.

Avnish Gungadurdoos

Avnish Gungadurdoss

Managing Partner and Co-founder, Instiglio

Avnish leads Instiglio, a non-profit advisory firm founded to ensure the greatest possible impact from every cent spent to alleviate poverty which has funneled over $500 million to deliver impact through results-based financing projects across Africa, Latina America and Asia.

Avnish formerly worked for MIT's Poverty Action Lab (J-PAL), for the World Bank, and as a consultant to a DFID challenge fund. Gungadurdoss holds a MPA/ID from the Harvard Kennedy School, a diploma in performance management for non-profits from Harvard Business School, and a BA in economics and math from Dartmouth College. He was awarded the Echoing Green Fellowship and was elected as one of the "30 under 30" social entrepreneurs for his work with Instiglio. He is also a member of the Advisory Board of Impact.

low quality image of Clare Devries

Claire DeVries

First Secretary (Development), Embassy of Canada to Colombia

Since August 2019, Claire DeVries has been First Secretary (Development) and the Team Lead for Education and Gender Equality programming in the Development section of the Embassy of Canada to Colombia. Claire has led the design and approval of the first Outcome Fund for Global Affairs Canada (GAC) - the Outcome Fund for Education Results (OFFER) in alliance with private sector partners and Colombian authorities. In her role, Claire also supports the programming and policy advocacy objectives related to the theme of Gender Equality. Previously, Claire served as a Project Manager and Gender Equality Specialist in Global Affairs Canada to country programs in Southern & Eastern Africa, and Latin America.

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Eleanor Carter

Academic Director, Government Outcomes Lab, Blavatnik School of Government, University of Oxford

Eleanor Carter is the Academic Co-Director for the Government Outcomes Lab (GO Lab) and is a UKRI Future Leaders Fellow.

Eleanor’s research investigates challenges in coordinating complex public service delivery networks and cross-sector partnerships. She is one of Apolitical’s 100 Most Influential Academics in Government. Eleanor’s work explores the ability of novel contracting arrangements – like social outcomes contracts and impact bonds – to facilitate purposeful partnerships and effective services that avoid perfunctory or cynical behaviour by contract holders.

Before moving to Oxford, Eleanor gained experience from the policy-maker perspective working as an advisor for the Social Investment and Finance Team in the UK’s Cabinet Office and through collaborative research projects with the Department for Work and Pensions.

Eleanor’s work has been published in a range of journals including Social Policy and Administration and Journal of Social Policy. Key research outputs have also been translated into policy submissions and she frequently advises on policy design and evaluation strategies for government departments and voluntary sector organisations.

james magowan

James Magowan

Head of the VCSE Public Service Partnerships Team, CSY Directorate, Department for Culture, Media and Sport (UK)

James leads a policy team with a focus on supporting voluntary, community and social enterprise organisations to support more efficient, effective and preventative public services. This includes the development of social outcomes partnerships (also known as social impact bonds) through the £70m Life Chances Fund and work to enhance social value in wider public service contracting.

Louise Savell

Louise Savell

Director, Social Finance

Louise is co-founder of Social Finance and jointly leads our International team. She advises governments, philanthropies and service providers on the design and delivery of social development programmes. Louise is passionate about driving social impact through rigorous analysis, efficient structures and effective cross-sector partnerships. She has particular expertise in outcomes-based approaches and social investment structures. She co-developed the impact bond approach in 2008.

Mara 2025

Mara Airoldi

Social Innovation and Public Sector Lead, Schwab Foundation for Social Entrepreneurship

Mara works on shaping the public sector strategy at the Schwab Foundation for Social Enterprise, focusing on engaging public social innovators, strengthening government partnerships, and advancing public-private collaboration. She also supports the use of data to help stakeholders learn from shared experiences.

Previously, she was Academic Co-Director of the Government Outcomes Lab at the University of Oxford. With two decades of experience, she specialises in applying academic insights to decision-making for social impact, particularly in outcomes-based funding across governments, foundations, and international development.

She is an experienced decision modeller with a strong interest in impact metrics and data-driven decision-making.

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Miléna Castellnou

Chief Programs Officer, Education Outcomes Fund (EOF)

Milena Castellnou is Chief Programmes Officer at the Education Outcomes Fund (EOF), a fund hosted by UNICEF. With over a decade of expertise in designing and implementing outcomes-based financing programs, Milena is a recognized thought leader in innovative financing for education and employment. At EOF, she leads the Programme Team, driving a global portfolio of groundbreaking initiatives, including two of the world’s largest education-focused outcomes funds in Ghana and Sierra Leone. Her work spans critical sectors like early childhood care and education, basic education, and skills for employment, with ambitious programs launching soon in Sierra Leone, Rwanda, and Tunisia and South
Africa.

Prior to joining EOF, Milena was an Associate Partner at Instiglio, an advisory firm where she worked closely with governments and donors to support their efforts in launching outcomes-focused initiatives. In recognition of her expertise, she was selected as a Visiting Fellow of Practice at the University of Oxford’s Government Outcomes Lab for two consecutive years (2022 and 2023). She holds degrees from Sciences Po Grenoble and an LLM from the University of Nottingham. Milena remains committed to shaping the future of education and employment through her deep commitment to evidence-based impact, cross-sector collaboration, and innovative financing strategies that unlock sustainable change.