FACULTY: Art Kleiner
TEAM: Thomas Chen, Daisuke Murata, Lin Qi, Doris Qian
Acumen Fund, Inc. is a nonprofit impact investor addressing global poverty by deploying patient capital to social enterprises in multiple regions, including Africa, Latin America, South Asia, and the U.S., using blended finance and returnable funds to mobilize public, philanthropic, and private capital. This work matters because while Acumen’s innovative funding models enable flexible support for high-impact ventures, they also introduce complex, multi-funder compliance demands that risk diverting resources from its core mission. The Capstone team was tasked with analyzing Acumen’s funding ecosystem and streamlining compliance management to reduce administrative burdens. The team conducted a comprehensive review of funding agreements, sector-specific compliance requirements, and internal processes, supplemented by stakeholder interviews and benchmarking of institutional funding trends. Final recommendations included standardized compliance protocols, enhanced accountability frameworks, and process automation tools—equipping Acumen to navigate regulatory complexities efficiently while scaling its poverty alleviation efforts.
FACULTY: Carolyn Hou
TEAM: Maeve Holland Brown, Maria Audrey Chadili, Lara Jansen, Loren Sass
Arjuna Capital offers fossil-fuel-free, performance-oriented investing, working with high-net-worth individuals, families, and foundations to create a suite of sustainable investments. They provide a comprehensive range of debt and equity offerings in both public and private markets. The objective of the Capstone team was to evaluate the market dynamics of a new fossil-fuel-free ETF by analyzing the ETF landscape and its competition. In the initial phase, the team researched the ETF industry and conducted a market and competitive analysis. The methodology was anchored around three key pillars: academic literature, industry insights, and competitor analysis, supported by expert interviews to validate the team’s findings. The team also conducted primary research and outlined target customers' key requirements and needs, guiding a final recommendation on market positioning—this recommendation aimed to differentiate Arjuna's fossil-fuel-free ETF from competitors and attract growth in assets under management.
FACULTY: Art Kleiner
TEAM: Halley Dunn, Kayla Foster, and Yutong Zheng
Beyond Capital Fund (BCF) is a women-led nonprofit evergreen impact investment fund that provides seed-stage capital and pro bono advisory support to for-profit social enterprises serving low-income communities in India and Africa, focusing on addressing systemic barriers women entrepreneurs face. This work matters because empowering women-led ventures in under-resourced regions is critical to advancing gender equity and fostering sustainable economic development. The NYU Wagner Capstone team analyzed the entrepreneurial ecosystem to identify gaps and opportunities for BCF to strengthen its support model for women entrepreneurs. The team conducted a landscape analysis of accelerators, incubators, and funders, supplemented by surveys and in-depth interviews with women entrepreneurs across India and Africa. The final recommendations outlined strategic adjustments to BCF’s program design and positioning, enabling the organization to address structural challenges better, refine capacity-building curricula, and amplify its impact on gender-inclusive entrepreneurship.
FACULTY: Art Kleiner
TEAM: Emma Benninghoff, Ella Boublik, Alexa Miller, Tyler Trembley
IBM is a global technology leader whose Research team develops AI solutions to optimize performance and cost for businesses and nonprofits, focusing on scientific innovation. Generative AI’s potential to drive social impact is hindered by adoption barriers and inclusivity gaps among non-technical stakeholders in the nonprofit/public sectors. The Capstone team assessed generative AI’s use in the social impact sector, identified challenges/opportunities, and evaluated its inclusivity for non-technical domain experts. The team conducted 25 interviews with nonprofit leaders, government officials, foundations, and tech consultants, supplemented by external research on AI adoption trends. Recommendations included creating a resource hub with AI policy templates, sector-specific “master class” training, and expanding IBM’s nonprofit workshops to bridge technical gaps and foster equitable AI adoption.
FACULTY: Mo Coffey
TEAM: Riley Kerin, Jessica Mantell, Shanti Taweel, Haiwen Wang
Pinnacle Group, Inc. is a global contingent workforce provider offering talent solutions and strategic services to organizations managing flexible labor needs. This work matters because robust environmental, social, and governance (ESG) reporting is increasingly critical for maintaining stakeholder trust, regulatory compliance, and competitive positioning in the professional services industry. The Capstone team was tasked with developing an ESG measurement and reporting strategy to align Pinnacle’s sustainability initiatives with industry standards and stakeholder expectations. To achieve this, the team conducted a literature review of corporate sustainability practices, benchmarked Pinnacle against peer and aspirational companies through a professional services industry landscape analysis, and performed an internal review, including a SWOT analysis of Pinnacle’s existing ESG practices. Final recommendations included short-term strategies for immediate ESG integration and long-term structural reforms, positioning Pinnacle to enhance its sustainability reporting ratings, strengthen governance frameworks, and solidify its role as an ESG leader in the contingent workforce sector.
FACULTY: Mo Coffey
TEAM: Pei Li Chua, Daniel Gunton, Claire McLean, Allison Shao, Alexander Tellides
Rebuild by Design, a policy initiative of NYU’s Institute for Public Knowledge, develops climate resilience solutions for vulnerable communities through collaborative design and systemic equity-focused strategies. This work matters because the 2023 updates to the Community Reinvestment Act (CRA) present a critical opportunity to address climate inequality by redirecting private investment toward low- to moderate-income (LMI) communities historically harmed by redlining and disinvestment. The Capstone team was tasked with analyzing how the revised CRA could expand private-sector funding for climate resilience projects in LMI areas. The team reviewed the literature on the CRA’s legacy, analyzed state-level CRA policies, evaluated potential regulatory shifts under the Trump Administration, and cataloged eligible climate adaptation projects alongside private-sector case studies. The final deliverable included guiding principles for financial institutions to leverage CRA funding effectively, prioritizing equitable investments in high-impact resilience initiatives to combat systemic climate disparities.
FACULTY: Mo Coffey
TEAM: Jenna Dyer, Monét Smith, Crystal Tang, Haiyun Wang
The Responsible Business Initiative for Justice (RBIJ) partners with corporations to advance criminal justice reform through public safety initiatives, equitable hiring practices, and community investment. This work matters because integrating criminal legal system engagement into ESG frameworks enables companies to align profit with purpose, address systemic inequities, and demonstrate measurable social impact. The Capstone team was tasked with developing guidance for companies to track and report their justice-related initiatives using an ESG lens. To achieve this, the team conducted a literature review, analyzed existing policies, and interviewed stakeholders to identify best practices and barriers. Final recommendations included actionable KPIs and guidelines for four focus areas: fair chance hiring, support for incarcerated employees, ethical supply chain management, and community justice partnerships—equipping companies to operationalize equity while enhancing ESG accountability.
FACULTY: Carolyn Hou
TEAM: Ina Marwantina, Jiayi Li, Ruoyu Wu, Shucheng Qing
Stephen Gaynor School, a leader in special education serving pre-K through middle school students, is exploring expanding its Early Childhood (EC) program to Brooklyn to increase access to specialized learning for young children with diverse needs. This initiative matters because equitable access to tailored early education is critical for addressing developmental gaps and fostering long-term academic success, particularly in underserved areas. The Capstone team analyzed market demand and the competitive landscape for an EC program in Brooklyn. The team employed a mixed-methods approach, combining desk research on local education policies, competitive analysis of existing programs, and in-depth interviews with parents and stakeholders to identify key enrollment decision factors. The final deliverables provided insights on the feasibility of expansion, highlighting opportunities to meet unmet demand and strengthen Brooklyn’s access to high-quality special education services.
FACULTY: Carolyn Hou
TEAM: Ana Ceron Oviedo, Christine Rutkowski, Lefan Fu, Yangzheng Li
The Surdna Foundation, a family foundation advancing social justice through philanthropic grants and mission-aligned investments, focuses on leveraging private capital to address systemic inequities, including disparities in the U.S. healthcare system. This work matters because aligning investments with health equity goals is critical to driving systemic change; however, gaps persist in how impact is defined, measured, and prioritized within private healthcare portfolios. The Capstone team was tasked with evaluating how Surdna’s healthcare investments could advance equity by analyzing fund managers’ approaches to impact and identifying barriers to meaningful outcomes. The team conducted a sector-wide landscape analysis, assessed Surdna’s endowment exposure, and interviewed 17 fund managers, asset allocators, and healthcare professionals. Findings revealed inconsistent definitions of “impact,” structural limitations in influencing portfolio companies, and opportunities for greater accountability. Final recommendations urged Surdna to clarify impact expectations, integrate equity metrics into due diligence, and advocate for standardized reporting—enabling the foundation to align its capital with its mission to transform healthcare equity.