Academic literature records that for a long time there has been some degree of cooperation between the public sector and private entities. The economic crises and the adoption of fiscal austerity policies as a solution forced governments to reduce public spending, which created conditions for the advancement of private sector participation. In this context, and with roots in New Public Management principles, the Social Impact Bonds contract model emerges. In 2021, there were already 227 projects signed, in 33 countries, with resources estimated at US$ 547 million. Despite the lack of funding sources for public services, and the history of joint projects between the government, the market, and the third sector in the country, no CIS is running in Brazil. This study aims to understand the reasons for this, and its general objective is to identify the critical factors for the adoption of the Social Impact Bonds in actions to response to HIV/AIDS in the State of Amazonas. For that, this thesis proposes study the Brazilian experience with response to HIV/aids, and what conditions are necessary for the adoption of a SIB with this purpose. In the search for understanding this phenomenon, a strategy was developed to carry out a qualitative, exploratory, and descriptive research. Semistructured interviews carried out the data collection with 17 representatives of groups normally involved in a SIB: government, investor, intermediary, CSO, and the organs of official control. The results found indicate that the critical factors are the lack of knowledge about the model; the lack of qualified personnel to work with contracts of this model, between the public agents and the third sector; the possibility of conflict of interests between the actors; and the need to guarantee the financing of activities. In response to these factors, interventions were proposed with the aim of creating minimum conditions for the development of the first SIB, including the development of a common conceptual basis; offering training courses and behavioral skills learning trails for managers; production of toolkits; creation of the change management plan; establishment of a governance committee with users and organs of official control; presence of an intermediary and limitation of the investor's performance; access to funding via parliamentary funding, amendments and cooperation funds, social impact investors. Thus, the main contribution of this thesis was the development of a framework of facilitating factors for the use of SIB in HIV/AIDS policies. The conclusion is that, once overcome the limiting factors, the Social Impact Bond is applicable in actions to combat HIV/AIDS in the State of Amazonas and other States in Brazil.