Student Reflection by Michael Cameron (C’28 W’28, German target)
This summer, I had the amazing opportunity of participating in the GRIP: Business Development summer internship program in Singapore. I interned as a Summer Analyst for Impact Investment Exchange (IIX), where I got to explore the impact investing space by working with sustainable finance products. I specifically supported the closing of the $60 million Women’s Livelihood Bond™ 7 (WLB7), a blended finance product that raises public and private capital to finance impact enterprises committed to women’s empowerment and climate action.
As a Summer Analyst, I was involved with all aspects of the closing process. I performed due diligence on the financial statements of the bond’s borrowers, drafted the legal documents needed to list the bond on the Singapore Exchange (SGX), and maintained a shadowbook that tracked investor feedback and commitments. Working on this live deal gave me a real appreciation for how intricate the dealmaking process is, as I realized that it requires an active, thorough management of financial reporting, legal documentation, and investor relations.
I also had the chance to sharpen my technical skills in financial analysis as I got to work directly with C-suite executives on market and pricing analysis. Every week, I conducted CLO market reports for the Chief Investment Officer to analyze how the movements of AAA/BBB spreads, as well as macroeconomic factors like tariffs and inflation, would affect WLB7’s pricing. Then, after the WLB7 officially priced, I analyzed how the fixed coupon translated as a spread over base rates and what factors influenced the final price, both of which will help inform IIX’s pricing strategy for upcoming issuances. 
I had long wanted to work on a project that raised capital for social impact projects because of my experiences in the social impact space. Prior to this internship, I was directing the operations of a refugee school based out of Malaysia, while also consulting for other impact-focused non-profits through Penn International Impact Consulting (PIIC). Yet, when working on these projects, I repeatedly noticed that funding was the biggest barrier to achieving impact. I was curious to discover how more capital could be unlocked for impact and development projects and believed I could best do that working at IIX.
Working at IIX taught me how blended finance products, which combine private and public capital, are key to addressing the funding gaps in sustainable development. Without private capital, public capital from governments is insufficient because there simply isn’t enough of it. But without public capital derisking impact investments, it is often hard to raise private capital for social impact, as private sector investors would rather invest in more profitable or less risky investments. Through blended finance products like the WLB7, though, capital from governments and foundations can be used to catalyze private capital by providing credit protection through guarantees or subordinated debt. Private sector investors consequently become interested in investing capital into social impact because it now represents a profitable, safe, and socially positive investment.
I hope to take these lessons with me as I continue my Huntsman journey. As a program that combines international studies with business, one of the pressing questions we have discussed since the very beginning of the Huntsman First-Year Seminar is how can we successfully finance sustainable development. So whether I’m in a classroom discussion on this topic or my post-Huntsman career leads me to work at the IMF or the World Bank, I look forward to introducing blended finance as a potential solution to this persistent challenge.
