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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 • 

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

2020 Winner
Refugee ETF

Exchange-traded fund designed to help drive economic integration of refugees through investments in a global index comprised of listed companies with robust refugee-focused policies and initiatives.

Columbia University, Columbia Business School

2020 Runner-up

Green municipal revenue bond designed to help reduce plastic waste by upgrading existing municipal waste management facilities and improving local recycling infrastructure.

Tufts University, The Fletcher School of Law and Diplomacy

2020 Finalist
FARM: Fund for Adopting Responsible Materials

Loan fund that aims to help reduce agricultural plastic waste by linking farmers and biodegradable mulch producers though an input credit program.

University of Rochester, Simon School of Business

2020 Finalist
Consolidate And Recycle Fund (CARe)

Private debt and equity fund that aims to provide communities with more affordable recycling opportunities through investments in the growth and expansion of small companies across the waste management value-chain.

Imperial College Business School

2020 Finalist
Waste2Worth Fund

Waste management infrastructure-focused private equity fund that aims to help reduce compostable waste.

ESADE Business School; London School of Economics

2020 Finalist
Dignity Bond

Outcome-based security designed to help eradicate homelessness through investments in the development of purpose-built social housing.

Cranfield University, School of Management

2020 Finalist
AusDERBS: Australian Distributed Energy Resource

Asset backed security (ABS) designed to bundle income streams from assets related to renewable energy and energy efficiency.

Northwestern University, Kellogg School of Management

2020 Finalist
PlastiCity Fund

Loan fund designed to help reduce plastic waste by financing effective, innovative and scalable plastic sorting technologies.

Indian Institute of Management, Ahmedabad

2020 Finalist
Locus Agriculture

Real assets fund that aims to invest in arable land to help improve rural farmers’ quality of life by employing landless farmers to cultivate high margin cash crops through modern agricultural techniques.

Columbia University, Graduate School of Arts and Sciences; Erasmus Mundus Joint Master Degree Program

2020 Finalist
SeaLess Plastics

Private debt and equity fund that seeks to help reduce plastic waste through investments in the seaweed-based bioplastics value chain.

Duke University, Nicholas School of the Environment

2020 Finalist
Carbon Option+

Call option contract that aims to help compliance and voluntary carbon offset buyers hedge the risk of overpaying for carbon credits to meet their emission reduction goals.


2020 Finalist

Fund designed to help increase energy efficiency in buildings by providing energy saving companies (ESCOs) with liquidity from green bond proceeds.

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