Apply for the 2024 Kellogg-Morgan Stanley Sustainable Investing Challenge for graduate students from around the world (USD10,000 first cash price)!

Kellogg-Morgan Stanley Sustainable Investing Challenge Overview

Every year, the Kellogg-Morgan Stanley Sustainable Investing Challenge invites teams of graduate students from around the world to develop and pitch creative financial approaches to tackle pressing social and environmental challenges.

In 2023, more than 300 students from 53 countries and over 60 schools proposed novel financial instruments for positive impact. See who won and check out all of the finalists proposals here.

The Kellogg-Morgan Stanley Sustainable Investing Challenge facilitates connections with leading industry professionals in order to identify, empower, and inspire those who will make up the future of sustainable finance.

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Kellogg-Morgan Stanley Sustainable Investing Challenge Key Dates for 2024

November 30

Kick Off Webinar & Registration Opens

Watch the Kick off webinar recording.

January 21

Deadline to Register 

All teams must register in advance and, if they wish, may request a mentor from our network of experts. Mentors are available to give you feedback on your proposal prior to submission.

February 18

Prospectus Submission Due

Turn in your team’s prospectus to officially enter the competition.

February 23

Career Trek

All submitting team members can participate in this unique event to explore career opportunities.

March 11

Finalists Announced

Teams moving on to the final event will be notified, and will receive feedback and resources to turn the prospectus into a pitch.

April 19

Final Event

The 2024 finals will be held in New York City, New York.

Kellogg-Morgan Stanley Sustainable Investing Challenge Awards

$10,000
Prize for First Place Team

$5,000
Prize for Runner-Up Team

Networking Opportunities
Chance to network with and get feedback from leading financial professionals.

Kellogg-Morgan Stanley Sustainable Investing Challenge Eligibility Criteria

• Teams are limited to a maximum of four (4) members.
• All team members must be currently enrolled in a graduate program at the time of the prospectus submission. Undergraduate students are not eligible.
• Your team may include members from different graduate schools.
• All ideas must be the original ideas of the team members.

Kellogg-Morgan Stanley Sustainable Investing Challenge Timeline

The Kellogg-Morgan Stanley Sustainable Investing Challenge Deliverable: The Prospectus

Two-page prospectuses must be submitted in February. The prospectus should outline a unique sustainable investment strategy. The judges and selection committees are familiar with the broad area of sustainable investing, so avoid overemphasizing general observations about this section of the market. 

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All prospectuses are required to have the following elements. These elements are the essentials of a competitive entry. Please review carefully, as failure to include any of the following will significantly reduce your competitiveness.

​Format

• 2-page maximum, no cover page, no identifying information

Structure

• Investment thesis
• Fund size, investment size, and investment criteria
• Diagram of fund or instrument
• Asset class and capital structure

Target

• Target geography
• Size of addressable market
• Estimate of scalability ​

​Financial Model

• Fees and incentives
• Target investor pool(s)
• Due diligence process
• Returns and cash flows
• If model must require philanthropic capital or concessionary returns, include proposed path to market rate returns
• Time horizon

Impact

• Environmental or social impact thesis
• Metrics to measure impact

Who should my prospectus target for investment?

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Institutions seeking investment opportunities may include, but are not limited to:

• University Endowments
• Retirement and Pension Funds
• Family Foundations
• Family Offices

The proposal must be a fit for an institutional investor who is seeking:

• Both competitive returns and positive social and/or environmental impact
• Risk management that is commensurate with the target returns
• Transparent performance metrics for both the financial and social return
• Clear linkage between program outcomes and social impact

The institutions are open to multiple asset classes, including but not limited to:

• Private equity/venture capital
• Real assets
• Public equities
• Fixed income securities
• Microfinance lending and investing
• Social impact bonds

What does a great prospectus look like?

​Kellogg-Morgan Stanley Sustainable Investing Challenge Judging Criteria

25%

Creativity & Financial Innovation

• Has the team proposed an innovative investment vehicle that is designed to drive both returns and impact? We are looking for either:
  • An innovative financial structure or
  • A known investment approach applied creatively to a problem previously outside the scope or reach of a social or environmental challenge
• What’s interesting about this project? Is it just like a dozen others or truly innovative?
• Does the proposal have a unique capital structure, e.g., including different forms of capital, employing diverse types of institutional investors?
• Does the proposal uncover new ways to drive returns, a new asset class, or a new cash flow or value stream?

25%

Impact and scale

• Does this provide a scalable solution that can mobilize sufficient capital and forge significant environmental or human impact?
• Are there specific metrics for impact? Is the impact real and persistent?
• Does the impact derived from the proposed approach stem from the financial levers rather than ancillary charitable remains?
• Has the team demonstrated diligence in defining and projecting impact to be derived?

25%

Feasibility

• Does the investment thesis seem plausible?
• Are there real sources of risk-adjusted market rate returns here? (even if considering a gestation period with concessionary returns)
• Could you see institutional investors responding to and funding this?
• Was the thesis thoroughly researched and is there strong evidence of financial depth that incorporates the overall economy?

20%

Quality of due diligence and financials

• How thorough and deep is the research on the thesis?
• Do the returns and cash flow projections hold water? Has the team demonstrated strong financial logic and validity of key financial assumptions?
• Have the key investment questions relating to returns, asset quality, underwriting, and risk management (both market-based and non-market) been identified and addressed?
• Does the team have the skills needed to execute?  Have they defined the skills needed on the investment team?
• Are the proposed fees and incentives reasonable?

5%

Presentation

• Has the team been clear, compelling, and concise with their proposal?
• For the final event: Have all team members participated in either the original presentation or Q&A?

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