New York, NY — The Grunin Center at NYU School of Law announced the recipient of this year’s Grunin Prize for Law and Social Entrepreneurship. The prize is awarded annually to lawyers working to further the goals of sustainability and human development, and rewards innovative projects and solutions developed by lawyers to advance the fields of social entrepreneurship, impact investing, and sustainable development.
The 2025 Grunin Prize for Law and Social Entrepreneurship was awarded to the legal teams from the International Finance Corporation (IFC), Pinsent Masons, Jardin Legal, Trilexica and PT Amartha Mikro Finance (“Amartha”) for their collaborative work on a financial inclusion initiative in Indonesia.
This innovative financing solution (the “Facility”) provides microfinance loans to under-served female micro entrepreneurs in rural Indonesia. The Facility’s structure uses many features of the loan book securitisation markets to create a bankable structure for the financing of a recycling portfolio of micro-loan receivables originated on Amatha’s P2P lending platform. With this structure, Amartha can tap financing, including from offshore impact investors, that could be scaled up to $206 million.
To establish the Facility, IFC has committed funds from its own account as a cornerstone investor and has mobilized the balance from reputed international investors. By boosting access to finance for microenterprises, part of Indonesia's micro, small and medium sized (“MSME”) sector, IFC and Amartha will be supporting businesses that collectively employ tens of millions of people and make a key contribution to Indonesia's economy. The project has the potential to deepen Indonesia's capital markets by providing a demonstration effect that could spur similar investments, and to be replicated in some other jurisdictions in the future.
“This collaboration between IFC and Amartha exemplifies how legal innovation can drive social impact,” said Feng Lin, a member of the legal team. “Our work aimed to create a scalable model that not only addresses immediate financial needs but also lays the groundwork for long-term economic empowerment in underserved communities.”
Also announced yesterday was the 2025 Grunin Prize for Sustained Commitment, which was awarded to Carl Valenstein for his extraordinary career advancing impact investing, sustainability, and responsible corporate practice. Not only are we celebrating Mr. Valenstein’s deep experience in emerging markets development and finance, but also his significant pro bono service on behalf of impact-focused clients and his role as an adjunct professor at the International Transactions Clinic (ITC) at NYU School of Law and Michigan Law School’s ITC.
“It’s been a privilege to work alongside so many dedicated clients, students, and colleagues who believe that the law can and should be a force for good,” said Carl Valenstein. “This recognition is deeply meaningful, and I hope it encourages more lawyers to use their skills in service of impact.”
Reflecting on Valenstein’s receipt of the Grunin Prize for Sustained Commitment, Deborah Burand, Professor of Law and Faculty Director of the Grunin Center at NYU Law, remarked: “At a time when role models of world-changing, transactional lawyers may seem in short supply, it is a joy to celebrate Carl and his long career in contributing his skills and expertise to making the world a better place. Carl's sustained commitment to bringing the rest of us along with him, no matter where we are in our legal careers, through his advising, teaching and mentoring has strengthened our community of legal practice in ways that will long endure as Carl's legacy.”
The Grunin Center for Law and Social Entrepreneurship is the first law school-based center dedicated to enhancing the community of lawyers and legal institutions engaged in social entrepreneurship, impact investing, and sustainable development. It was established in 2017 with a generous endowment from NYU Law graduates Jay Grunin ’67 and Linda Kalmanowitz Grunin ’67, along with the Grunin Foundation.
Jay Grunin, Co-founder and Chairman of the Grunin Foundation, said: “As I have often said, too many people view the legal profession in a less than complementary way, and wonder whether the world would be a better place if there were fewer lawyers. But I disagree, and feel strongly that the role of lawyers in the combined fields of social entrepreneurship, impact investing and sustainability represents the legal profession at its very finest. What we are seeing in this sector is that lawyers are not just drafting documents, but are often right there at the inception, helping to create an idea and turn that idea into reality. I want lawyers to be looked upon as problem solvers, not problem creators – and the Grunin Prize certainly helps us to achieve that goal.”
“Perhaps more this year than ever before, we need opportunities to celebrate the contributions of innovative and creative lawyers who are actively engaged in advancing the fields of social entrepreneurship, impact investing, and sustainable development,” said Deborah Burand. “This year's Grunin Prize finalists give us reason to do just that as their extraordinary accomplishments remind us that lawyers can be a vital part of the solutions to the world's most intractable problems.”