By Adam Samazin
MBA/MSC Candidate, Class of 2026
What happens when MBAs roll up their sleeves and step into the shoes of real-world impact investors? At Berkeley Haas, the Impact and Climate Investing Practicum (ICIP) turns theory into action by embedding students directly into the heart of mission-driven investment teams.
That structure is exactly what drew me to the course. I came to Haas with a belief: that investment funds can simultaneously generate financial returns and create measurable social or environmental good.
But I quickly learned that building a thesis isn’t just about passion — it’s about grappling with ambiguity, navigating constraints, and making tradeoffs. These lessons began in week one, when we entered the scoping phase of our ICIP project.
Defining and Refining an Investment Thesis: Lessons from the Scoping Phase
Each ICIP project begins with a broad challenge — ours was “new thesis development” — and it’s up to the student team to refine it into something actionable over the course of 8–10 weeks. I was fortunate to be placed with Virta Ventures, a climate-focused venture firm led by Russell Sprole.
With Russell as our guide and mentor, our team honed our initial mandate into a three-part deliverable:
- Policy and market trends report
- Investment heat map identifying white space opportunities
- Sector prioritization framework for refining Virta’s thesis
This went beyond your usual academic work. Drawing from Virta’s own strategic playbook, we explored what it takes to build and evolve an investment thesis in a rapidly changing landscape. That looked like:
- Clarifying your core investment thesis. What unmet needs or overlooked sectors align with the fund’s mission and expertise?
- Differentiating your approach. As markets shift, funds must pressure-test their thesis against new entrants and capital flows to stay relevant.
- Staying adaptable. A strong thesis is a living document. Market shocks, policy shifts, or new technologies require constant iteration.
- Finding strategic adjacencies. Some of the most exciting impact bets come from tangential plays — where the thesis stretches, but doesn’t break.
By the end of the practicum, our deliverables weren’t just conceptual. They were frameworks Virta could use to sharpen its investment strategy and signal clarity to LPs. It was a rare chance to see how a fund’s strategy evolves in real time and to contribute to that process.
From Peers to Partners: Cross-Training the Class
In addition to our work with Russell, we presented to our classmates twice during the semester. Midway through the course, we introduced our fund partner and outlined our initial scope. By the end, we were teaching the class: our final presentation explored how to define, differentiate, and refine a climate investment thesis, and what role policy analysis and white space mapping play in informing venture strategy.
These presentations gave us opportunities to synthesize, reflect, and build shared vocabulary with peers exploring other corners of the impact investing ecosystem — from catalytic philanthropy to inclusive fintech.
A Springboard into the Impact Investing Ecosystem
Breaking into venture capital is hard. Especially in climate and impact investing, where roles are scarce, recruiting is unstructured, and networks often determine access.
For others in the program, ICIP led to capstone projects, interviews, or even new venture ideas — all grounded in the relationships and skills forged during the course.
For me, the experience sharpened my skills in market analysis, policy scanning, and stakeholder engagement — tools I now realize are essential not only in venture capital, but in any role where systems-level change is the goal.
Thanks to the relationships formed during the practicum, I was introduced to another climate investor who ultimately offered me a part-time role supporting his fund. In this way, ICIP functioned exactly as intended — as a launchpad for entering a meaningful, mission-aligned career.
Looking Ahead
ICIP is more than a course. It invites students to step inside the decision-making rooms where values meet capital, and to develop the skills needed to shape that intersection with clarity and conviction.
For those considering careers in climate or impact investing, it offers something few programs do: a seat at the table, and, occasionally, an open door.
