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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  •  2024

Northwestern University, Kellogg School of Management

2019 Winner
The Carbon Yield Fund

Debt financing to help provide farmers advance access to capital generated through carbon credits and bridge access to organic marketplace returns.

Johns Hopkins University, School of Advanced International Studies; Columbia University, School of International and Public Affairs; Duke University, Nicholas School of the Environment; Massachusetts Institute of Technology, School of Humanities Arts and Social Sciences

2019 Runner-up
Grey to Green Fund (G2G)

Multi-asset fund seeking to help reduce water consumption by acting as a market aggregator for hotel greywater infrastructure.

University of California Berkeley, Haas School of Business

2019 Finalist
Sustainable Livelihoods Opportunity Fund

Galvanizing opportunity zone investments to help bring sustainable forest products manufacturing to rural communities.

Tufts University, The Fletcher School of Law and Diplomacy

2019 Finalist
Indian Smart Solar Muni+ Fund

Levered private equity fund designed to help improve air quality and increase renewable energy use by bundling municipal debt earmarked for solar projects.

New York University, Stern School of Business; New York University, Wagner School of Public Service

2019 Finalist
CSRi: A Fixed-Income Pay-for-Impact Fund

Pay-for-impact fixed income fund designed to help corporations enhance measurable impact of corporate sustainability.

Yale University, School of Forestry and Environmental Studies; Yale University, School of Management

2019 Finalist
Sort it Out Recycling Fund

Revolving loan fund providing supply chain financing to help grow China's circular economy.

Singapore Management University

2019 Finalist
The Krishak Development Fund

Infrastructure fund directing investments to reservoir projects to help increase crop yields and improve rural farmer's income.

ESADE Business School

2019 Finalist
Humana Support Bank

Micro-credit to help support the integration of Venezuelan refugees into the Colombian economy through job growth.

University of California Berkeley, Haas School of Business; University of California Berkeley, College of Environmental Design; Columbia University, Columbia Business School

2019 Finalist
DoubleUp ADU-Backed Securities

Collateralized debt obligation that aims to help unlock liquidity for the construction of accessory dwelling units(ADUs), increasing availability of affordable housing in tight real estate markets.

University of California Los Angeles, Anderson School of Management; University of California Los Angeles, Institute of the Environment and Sustainability

2019 Finalist
Utility Wildfire Resilience Bonds

Outcome-based securities for microgrid development in wildfire-prone areas to help limit impact of power outages and enable de-energization.

Peking University, HSBC Business School

2019 Finalist
Omega: Combat Climate Change with Bayannur

Tax equity and convertible debt to help support improved air quality through investments in biofuel plants.

University of Chicago, Booth School of Business

2019 Finalist
Fund for the Rehabilitation of Australian Mines and Environment (FRAME)

Up-front financing of mine sites to decrease risk of process and economic disruption, and help ensure environmental remediation.

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