University Growth Fund, a student-run private equity fund, has closed its second fund with over $50m of committed capital.
Ally Financial is the lead investor to the new vehicle while Sallie Mae Bank, Lending Club, Arvest Bank, Continental Bank and ATHOS also participated in the fund raise.
UGF aims to provide university students with access to the career track of venture capital through hands-on experience. It has locations in Salt Lake City and San Diego, and expanded to Atlanta last year to promote diversity in the underrepresented field.
Students in the Atlanta office come from a range of universities including historically black colleges and universities.
Peter harris, a UGF founding partner, said, “With Ally’s funding, we branched out to Atlanta to reach more diverse students. Our expansion was an important motivator for investors that wanted us to expand the impact of our program.
“More investors recognize the need to improve diversity and access. Increasingly, they’re coming to the conclusion that greater inclusivity is not only the right thing to do but can also help achieve greater outcomes for companies and investors alike.”
Ally has committed a total of $25m in UGF funds, including being the anchor investor in the firm’s debut fund that was closed in 2014.
UGF has over $80m in assets under management. It takes a multi-sector approach and make investments from series A to pre-IPO rounds.
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- Source: https://www.altassets.net/private-equity-news/student-run-university-growth-fund-closes-oversubscribed-second-vehicle-on-50m.html
