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U.S. Colleges Have $500 Billion to Invest. Now Where Are All the Green Deals?

The University of California has taken a prominent role in a new group deploying money to sustainable projects, but finding the right ones isn't easy.
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If you guessed that the University of California system would champion “sustainable” investing, you’d be correct. The catch is, the shelves in the sustainable investing aisle aren’t especially well-stocked with opportunities.

U.S. college endowments altogether hold more than $500 ­billion in assets, a growing part of which they’ve allocated to sustainable or “impact” investing. Yet they also face something of a paradox: Where, exactly, does one invest that money? The easy answer, and one popular among smaller endowments, is to buy funds of stocks deemed green.