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Past Finalists and Winners

The prospectuses and presentations of Kellogg-Morgan Stanley Sustainable Investing Challenge finalists are not only a great reference for participating students, but are an evolving record of the evolution of the field of sustainable finance, and, in some cases, early iterations of what have now become successful ventures. 

Click through each year below to see the prospectuses and final presentations that were deemed the strongest in that year of the competition.

2011  •  2012  •  2013  •  2014  •  2015  •  2016  •  2017  •  2018  •  2019

2020  •  2021
  •  2022  •  2023

Singapore Management University, Lee Kong Chian School of Business

2018 Winner
ASEAN Storm Resilience Fund

Storm resilience fund, with development impact bond enhancement feature, to allow investment in storm resistant structures to help communities withstand extreme weather events in Southeast Asia.

University of Virginia, Darden School of Business

2018 Runner-up
Resilient Infrastructure Swap Exchange (RISE)

Insurance-linked security with parametric triggers to mobilize investment and increase liquidity for resilient infrastructure in Vietnam.

London School of Economics

2018 Finalist

Hybrid Impact Bond with royalties from both government and businesses to bring standardized medical care to families in the tea plantations of Assam, India.

Dartmouth College, Tuck School of Business

2018 Finalist
Jane Urban Infrastructure Partners

Spur infrastructure investment in the U.S. by developing Special Purpose Vehicles for public-private partnerships, and aggregating debt into marketable, securitized products.

China Europe International Business School

2018 Finalist
Foodie City Investment Fund

Public-Private Partnership to transform restaurant waste into biofuels in China through investment in waste disposal plants.

Stanford University, Stanford Graduate School of Business

2018 Finalist
Land Restoration Performance Securities

Leveraging mitigation credits and flood damage payers as pay-for-performance payers to fund up-front investment in the purchase and restoration of land.

University of Utah, David Eccles School of Business

2018 Finalist
DAS Capital

Leveraging Masala Bonds to increase access to daily credit at favorable interest rates for casual workers in India.

University of Oxford, Saïd Business School

2018 Finalist
Pay for Success Agriculture Financing

Outcomes based security to support smallholder farmers in Peru to access harvesting equipment for decreased value-loss across the agricultural value chain.

Harvard University, Harvard Business School; MIT, Sloan School of Management; Harvard University, Harvard Kennedy School of Government

2018 Finalist
Equity of Opportunity Fund

Stimulating employment and economic development in low-income U.S. communities by funding searchers to acquire healthy small businesses in Opportunity Zones defined in recent Tax Cuts and Jobs Act.

Columbia University, Fu Foundation School of Engineering and Applied Science

2018 Finalist
Envest Index Fund

Developing a thematic index underlying new Exchange Traded Fund (ETF) focused on environmental impact, long-term risk reduction, and competitive market returns.

Indian Institute of Management Raipur

2018 Finalist

Loan fund invested in equity/government bond markets to generate start-up financing or vocational school tuition to generate increased financial inclusion and, entrepreneurship, and/or alternative employment opportunities to women engaged in prostitution in India.

Business School Netherlands

2018 Finalist
House-it-Kenya Commercial Real Estate Joint Venture

Investment partnership to develop low-cost housing in Nairobi, where housing deficits top 80,000 units each year.

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