Andrea Armeni
Associate Clinical Professor of Social Finance and Public Service; Director of Social Impact, Innovation, and Investment Specialization
Room 377
New York, NY 10003
Andrea Armeni is Associate Clinical Professor of Social Finance and Public Service and Director of the Social Impact, Innovation, and Investment Specialization (SI3) at NYU’s Robert F. Wagner Graduate School of Public Service. He also serves as the MPA/MBA Faculty Director, as co-director of the joint NYU Stern and NYU Wagner Social Entrepreneurship minor, and leads the NYU Impact Investment Fund (NIIF), a student-run investment fund that uniquely brings together public policy and business students across NYU schools.
A corporate lawyer by training, Armeni co-founded and served as Transform Finance’s Executive Director for a decade, exploring how capital can be made more just and equitable and how transformative social change can be achieved both in and through finance, and is now a senior advisor to the organization.
His current explorations focus on distributed governance and ownership mechanisms at the enterprise level as a fairer alternative to shareholder primacy and on the connection between impact investing strategies and broader transformation of the role of capital in society.
He is the co-author, most recently, of “Alternative Ownership Enterprises,” “Grassroots Community Engaged Investment: Redistributing power over investment processes as the key to fostering equitable outcomes” and “Addressing Capital's Effects on Racial Justice: How investments drive injustice and what investors can do about it.”
Armeni’s NYU Wagner course on finance and social justice received the 2021 Award of Excellence from the Financial Times and the Impact Finance Faculty Consortium.
He holds a B.A. in analytic philosophy, summa cum laude, from Columbia University and a Juris Doctor from the Yale Law School.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
Capital is but a tool – one that can be used for many different purposes. This course critically examines the role of capital and its appurtenant power as drivers of societal outcomes, providing a framework to interrogate finance as both a locus of and an instrumentality for social change.
A through-line for this course is the tension between the use of private capital and the intentional generation of positive public outcomes. Specifically, the course dives into questions of power, legitimacy, and democracy: What does it mean for those who control capital to be stewards of social change? How do we wrestle with the lack of a public mandate for private social interventions? How will change be advanced by repurposing tools that have, historically, benefited from the status quo?
Students will become familiar with current approaches and will interrogate interventions ranging from ESG integration to community-governed capital to explore how these approaches both challenge and reproduce existing structures, examining key issues such as agency, accountability, the allocation of risks and returns among stakeholders, and how impact is defined and by whom.
Through case studies and robust class discussion, students will gain a nuanced perspective on the debates in this space, while developing the critical skills to assess the potential and limitations of current and future approaches to using finance as a vehicle for systemic change.
The NYU Impact Investment Fund (NIIF) is a unique inter-disciplinary, experiential learning course that exposes students to the work of an early-stage impact investor, from crafting an investment thesis to sourcing companies, performing due diligence, and ultimately executing an investment.
The course is offered in tandem with a student-led and operated Impact Investing Fund of the same name (“NIIF” may refer to the course, the fund, or both, as applicable). Each year NIIF makes one or two investments; students in the course work in Deal Teams throughout the year to present investments for approval by NIIF’s Investment Committee. See the Annual Report on NIIF’s web page for more details. The Deal Teams also have access to the MIINT (MBA Impact Investing Network & Training) program, a competition and learning lab that attracts student teams from across the globe.
The course is chiefly open to NYU Wagner, NYU Stern, and NYU Abu Dhabi students. However, students from other programs across NYU are encouraged to apply also. Students participating in NIIF are expected to enroll in the course for the full academic year (fall and spring) and will receive 1.5 credits for each semester of participation. The course meets approximately every other week, but students are expected to complete assignments and deliverables on a weekly basis.
This course examines pressing public service challenges through a rotating focus that responds to current developments and instructor expertise. Each semester explores a different frontier issue shaping the field—recent offerings have covered topics such as AI governance and algorithmic accountability, climate resilience in local government, post-pandemic organizational transformation, digital equity initiatives, and emergency response coordination. Students engage with these evolving challenges through case studies, policy simulations, and collaborative problem-solving approaches that draw on current research and practice. The course adapts to emerging issues and opportunities, ensuring students grapple with the most relevant challenges facing public servants today.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
The NYU Impact Investment Fund (NIIF) is a unique inter-disciplinary, experiential learning course that exposes students to the work of an early-stage impact investor, from crafting an investment thesis to sourcing companies, performing due diligence, and ultimately executing an investment.
The course is offered in tandem with a student-led and operated Impact Investing Fund of the same name (“NIIF” may refer to the course, the fund, or both, as applicable). Each year NIIF makes one or two investments; students in the course work in Deal Teams throughout the year to present investments for approval by NIIF’s Investment Committee. See the Annual Report on NIIF’s web page for more details. The Deal Teams also have access to the MIINT (MBA Impact Investing Network & Training) program, a competition and learning lab that attracts student teams from across the globe.
The course is chiefly open to NYU Wagner, NYU Stern, and NYU Abu Dhabi students. However, students from other programs across NYU are encouraged to apply also. Students participating in NIIF are expected to enroll in the course for the full academic year (fall and spring) and will receive 1.5 credits for each semester of participation. The course meets approximately every other week, but students are expected to complete assignments and deliverables on a weekly basis.
Students interested in taking this course must apply to be admitted to NIIF in the spring semester prior to the academic year for which they seek to join. Information on how to apply for the course can be found on the course highlights page.
The NYU Impact Investment Fund (NIIF) is a unique inter-disciplinary, experiential learning course that exposes students to the work of an early-stage impact investor, from crafting an investment thesis to sourcing companies, performing due diligence, and ultimately executing an investment.
The course is offered in tandem with a student-led and operated Impact Investing Fund of the same name (“NIIF” may refer to the course, the fund, or both, as applicable). Each year NIIF makes one or two investments; students in the course work in Deal Teams throughout the year to present investments for approval by NIIF’s Investment Committee. See the Annual Report on NIIF’s web page for more details. The Deal Teams also have access to the MIINT (MBA Impact Investing Network & Training) program, a competition and learning lab that attracts student teams from across the globe.
The course is chiefly open to NYU Wagner, NYU Stern, and NYU Abu Dhabi students. However, students from other programs across NYU are encouraged to apply also. Students participating in NIIF are expected to enroll in the course for the full academic year (fall and spring) and will receive 1.5 credits for each semester of participation. The course meets approximately every other week, but students are expected to complete assignments and deliverables on a weekly basis.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
The NYU Impact Investment Fund (NIIF) is a unique inter-disciplinary, experiential learning course that exposes students to the work of an early-stage impact investor, from crafting an investment thesis to sourcing companies, performing due diligence, and ultimately executing an investment.
The course is offered in tandem with a student-led and operated Impact Investing Fund of the same name (“NIIF” may refer to the course, the fund, or both, as applicable). Each year NIIF makes one or two investments; students in the course work in Deal Teams throughout the year to present investments for approval by NIIF’s Investment Committee. See the Annual Report on NIIF’s web page for more details. The Deal Teams also have access to the MIINT (MBA Impact Investing Network & Training) program, a competition and learning lab that attracts student teams from across the globe.
The course is chiefly open to NYU Wagner, NYU Stern, and NYU Abu Dhabi students. However, students from other programs across NYU are encouraged to apply also. Students participating in NIIF are expected to enroll in the course for the full academic year (fall and spring) and will receive 1.5 credits for each semester of participation. The course meets approximately every other week, but students are expected to complete assignments and deliverables on a weekly basis.
Students interested in taking this course must apply to be admitted to NIIF in the spring semester prior to the academic year for which they seek to join. Information on how to apply for the course can be found on the course highlights page.
This course introduces students to the main areas of corporate finance, how they relate to the management of public service organizations, and how public policies influence financial decision making for firms. The course covers topics in the three main areas of corporate finance: 1) capital structure (financing choices), 2) valuation (project and firm valuation) and 3) corporate governance (optimal governance structures). We will discuss these key topics and apply them to public service organizations, discussing how these topics are the same and different for various types of organizations. The course will also offer students the opportunity to discuss how particular public policies in various contexts influence investment opportunities and decisions for firms.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
The NYU Impact Investment Fund (NIIF) is a unique inter-disciplinary, experiential learning course that exposes students to the work of an early-stage impact investor, from crafting an investment thesis to sourcing companies, performing due diligence, and ultimately executing an investment.
The course is offered in tandem with a student-led and operated Impact Investing Fund of the same name (“NIIF” may refer to the course, the fund, or both, as applicable). Each year NIIF makes one or two investments; students in the course work in Deal Teams throughout the year to present investments for approval by NIIF’s Investment Committee. See the Annual Report on NIIF’s web page for more details. The Deal Teams also have access to the MIINT (MBA Impact Investing Network & Training) program, a competition and learning lab that attracts student teams from across the globe.
The course is chiefly open to NYU Wagner, NYU Stern, and NYU Abu Dhabi students. However, students from other programs across NYU are encouraged to apply also. Students participating in NIIF are expected to enroll in the course for the full academic year (fall and spring) and will receive 1.5 credits for each semester of participation. The course meets approximately every other week, but students are expected to complete assignments and deliverables on a weekly basis.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
This course provides an introduction to the impact investing landscape and its evolution, players, and tools. After situating impact investing vis à vis both other forms of investing and other social change tools, we explore what makes an investment impactful - and how one would go about determining that and measuring it. Through a combination of readings, case studies, class discussion, and projects, students will gain deep insight into the perspective of the impact investor and consider how it relates to other stakeholders and to social change writ large. We will examine the process by which an investor develops an impact thesis, sources and evaluates opportunities, all the way to structuring a deal, monitoring financial and social returns, and exiting the investment responsibly. The course aims to combine practical knowledge about how impact investments are made with critical thinking about the field’s potential and limitations.
The NYU Impact Investment Fund (NIIF) is a unique inter-disciplinary, experiential learning course that exposes students to the work of an early-stage impact investor, from crafting an investment thesis to sourcing companies, performing due diligence, and ultimately executing an investment.
The course is offered in tandem with a student-led and operated Impact Investing Fund of the same name (“NIIF” may refer to the course, the fund, or both, as applicable). Each year NIIF makes one or two investments; students in the course work in Deal Teams throughout the year to present investments for approval by NIIF’s Investment Committee. See the Annual Report on NIIF’s web page for more details. The Deal Teams also have access to the MIINT (MBA Impact Investing Network & Training) program, a competition and learning lab that attracts student teams from across the globe.
The course is chiefly open to NYU Wagner, NYU Stern, and NYU Abu Dhabi students. However, students from other programs across NYU are encouraged to apply also. Students participating in NIIF are expected to enroll in the course for the full academic year (fall and spring) and will receive 1.5 credits for each semester of participation. The course meets approximately every other week, but students are expected to complete assignments and deliverables on a weekly basis.
Students interested in taking this course must apply to be admitted to NIIF in the spring semester prior to the academic year for which they seek to join. Information on how to apply for the course can be found on the course highlights page.