Adage Capital Gifts $10M to Launch UNCF’s Project ACCLAIM

Phill GrossThe United Negro College Fund (UNCF) is launching a new partnership that seeks to cultivate a student pipeline from historically Black colleges and universities (HBCUs) into the financial services sector.

The planned program, known as Project ACCLAIM (Accelerating Learning in Asset Investment Management), is funded by a $10 million gift from Adage Capital Management and Elizabeth and Phill Gross.

The program aims to enhance finance and investing curricula at HBCUs, foster a strengthened community of practice among faculty, and establish a centralized student-managed investment pool. The anticipated start is fall of 2025 at Morehouse College and Howard University, where participants can expect rigorous coursework, hands-on experiences, and co-curricular activities.

Dr. Michael Lomax“Investing in the next generation of leaders is essential to the long-term health of the finance industry,” said Phill Gross, co-founder and managing director of Adage Capital Management. “Given the outsize impact of HBCUs, they are an ideal partner to strengthen the career pathways that will make our industry more inclusive and resilient. With the support of UNCF, we aim to build a best-in-class model with Project ACCLAIM that will attract additional investment while scaling to other HBCUs across the country.”

UNCF President and CEO Dr. Michael L. Lomax described Project ACCLAIM as a groundbreaking partnership among UNCF, Adage Capital Management, and visionary philanthropists Elizabeth and Phill Gross.

“By cultivating a robust pipeline of Black talent in the financial services industry, this transformative initiative will play a critical role in closing the wealth gap for African Americans,” said Lomax. “By empowering HBCU students with real-world experience, mentorship and access to capital, Project ACCLAIM equips them to become future leaders who can drive positive change within the industry and their communities.”