Investing in Racial Equity | February 15, 2022

University Growth Fund secures $50 million to recruit students of color

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, February 15 — University Growth Fund recruits college students, helps them get investment experience in venture capital and connects them with employers after graduation. Of the 30 student associates shown on the fund’s website, 28 are white and none are Black.

UGF’s Peter Harris says the fund branched out to Atlanta last year to reach Black and students of color.

“More investors recognize the need to improve diversity and access,” Harris said, and “are coming to the conclusion that greater inclusivity is not only the right thing to do but can also help achieve greater outcomes.”

Financial services firm Ally Financial, which has backed UGF since 2014, provided a grant for the Atlanta expansion.

Investors in the fund include Sallie Mae Bank, Lending Club, Arvest Bank, Continental Bank and ATHOS. Students in the Atlanta office come from historically Black colleges and universities, including Morehouse College and Spelman College.