Carey acts in first educational SIC in Chile by Corporación Bien Público

Carey has acted as advisor to Corporación Bien Público in the structuring and implementation of the first Social Impact Contract (SIC) in Chile involving the participation of public and private entities, aimed at the implementation of an education programme.

The project seeks to address the complex social problem of truancy in schools throughout Chile and increase student attendance.

This transaction, signed on 26 June, had a value of approximately USD $840,000.

The consultancy involved adapting the structure of the UK SIC to the Chilean reality, which does not have legal facilities in its jurisdiction to encourage the implementation of this type of mechanism. This involved a legal analysis from a private and public point of view, which also involved the government for the first time, through the Metropolitan Regional Government (GORE). In addition, it was necessary to analyse and design a novel legal structure that would allow for the functionality of the project at different levels, from its financing, coordination, evaluation and finally, direct implementation. This implied the analysis and preparation of complex contracts with interconnected structures, with a practical approach and allowing attractive financial results.

Corporación Bien Público participated in the project as coordinator; also participating as payers of results were the foundations: Fundación San Carlos de Maipo, Fundación Gabriel y Mary Mustakis, Fundación Reinaldo Solari M., Fundación de Beneficencia Pública Olivo, Fundación Angelini; and the Metropolitan Regional Government (GORE). The “Fondo de Inversión con Impacto en Educación” managed by Larraín Vial Asset Management participated as an investor in the project; Colegium SpA, as independent evaluator of the results generated; and Fundación Educacional Programa Presente as the programme’s service provider.

Barros & Errázuriz acted as counsel to Larraín Vial, while Peralta Abogados advised Fundación de Beneficencia Pública Olivo.

Barros & Errázuriz’s team consisted of associates Francisco Vial and Emilia Bórquez.

Peralta Abogados’ team included partner Roberto Peralta Martínez and associate María Luisa Bulnes.

Carey’s team was led by partner Francisco Guzmán (pictured), with support from associates Carolina Miller, Sofía Beckdorf, Diego Hormazábal and Benjamín Echeverría.