Virginia Union University (VUU) has announced a new Endowment Policy, becoming the first historically Black college and university (HBCU) to have a majority of its investment portfolio be managed by minority-owned firms.
“This action ensures that university can attract and partner with the increased number of successful billion-dollar minority investment firms,” said Dr. Hakim J. Lucas, president and CEO of VUU. He said he hopes to share this strategy with other HBCUs.
The Board of Trustees of the Richmond-based university, voted on Tuesday to mandate minority-owned firms will operate 60% of VUU's endowment.
Their first partner is the global investment firm, Advent Capital Management. Tracy Maitland, Advent’s president, said he was deeply honored to start this long-term partnership.
"We thank Virginia Union for this close partnership and look forward to continuing to work together to foster the economic development of the university and the administration's deep commitment to the economic empowerment and freedom of enterprise for all residents of the City of Richmond and the Commonwealth of Virginia," said Maitland.