Courtesy Virginia Union University
Virginia Union University (VUU) has been selected as one of nine Historically Black Colleges and Universities (HBCUs) to partner with The Historic Fund, a venture capital fund of funds established to help grow HBCU endowments.
The $10+ million-dollar effort was designed to invest in HBCUs by providing access to venture capital funds. Nine HBCUs were invited to become limited partners without having to invest their own assets. The fund addresses the “substantial endowment gap between HBCUs and their peer educational institutions” according to The Historic Fund.
“Virginia Union is pleased to partner with The Historic Fund in its effort to bridge the endowment gap between HBCUs and colleges throughout the nation,” said Dr. Hakim J. Lucas, President and CEO of VUU. “This partnership is a major step toward promoting equity and inclusion among higher education institutions, allowing VUU to forge ahead in its effort to be an innovative developer of scholars, leaders, and lifelong learners of a global society.”
Along with VUU, the Historic Fund is partnering with Benedict College, Bennett College, Fisk University, Florida A&M University, Hampton University, Morehouse College, Virginia State University and Xavier University of Louisiana.
The fund raised capital from 10 partnering venture capital firms: Acrew Capital, B Capital, Cowboy Ventures, FirstMark Capital, First Close Capital, First Round Capital, Foundry, General Catalyst, Spark Capital and Union Square Ventures.
Through this initiative, The Historic Fund aims to create meaningful, enduring value for HBCUs and their endowments by pairing allocations in top venture funds together with the means to pay for them. In the future, the fund plans to create ways to expose students of their HBCU partners to careers in venture capital.