Discover more from the 1890 journal
Virginia State University To Receive A Portion Of $10.35 Million From The Historic Fund
From Virginia State University …
The new venture capital fund of funds, The Historic Fund, names Virginia State University as an HBCU to receive funds to promote equity and inclusion in higher education.
The Historic Fund, a new venture capital fund, has announced that Virginia State University is a HBCU partner supported in the inaugural $10.35 million-dollar fund. The fund is the brainchild of prominent investors and operators in the venture capital ecosystem who recognize the importance of Historically Black Colleges and Universities (HBCUs) and their role in equality and belonging.
The fund of funds aims to bolster the endowments of HBCUs and foster connectivity between these institutions and the broader venture capital community. As an HBCU partner, Virginia State University will have opportunities to expand into the venture capital world for funding and employment. The opportunities have historically been concentrated amongst graduates of select universities. The Historic Fund hopes to leverage its position at the intersection of the HBCU and the venture capital communities to develop programming that expands opportunities for students curious about entrepreneurship and innovation while supporting administrations exploring alternative asset class strategies with their endowments.
"This partnership is a tremendous asset to helping secure the bright future of Virginia State University. It will bolster our endowments without a tremendous risk to our limited resources," said Robert L. Turner, Jr. Esq., Executive Director of Virginia State University's Foundation Board. "Acquiring and distributing these financial resources places VSU in a financial arena that has not traditionally been a part of our financial repertoire.”
This is a unique opportunity presented by the Historic Fund for Virginia State University to be a limited partner without the risk of investing VSU assets. Instead, contributions of fundraised capital are from the following partners: Acrew Capital, B Capital, Cowboy Ventures, First Round Capital, FirstMark Capital, Foundry, General Catalyst, Spark Capital, and Union Square Ventures.
"Thank you to the Historic Fund for this investment," said VSU President Dr. Makola M. Abdullah. "We always appreciate the people and companies that recognize the value of what we do at Virginia State University. This investment represents an interest in the advancement of the HBCUs that consistently provide minorities with the access and opportunity to achieve their Greater."