The Historic Fund is a $10M+ venture capital fund of funds created to philanthropically invest capital on behalf of the endowments of Historically Black Colleges and Universities (HBCUs). 

Earlier this summer, a new venture capital fund of funds, The Historic Fund, was formally launched to support the endowments of Historically Black Colleges and Universities (HBCUs).

The Historic Fund is a unique philanthropic initiative that invites selected HBCUs to be limited partners without investing their own assets. Instead, through the Philadelphia Foundation, the fund raised capital from partners of the participating funds: Acrew Capital, B Capital, Cowboy Ventures, First Round Capital, FirstMark Capital, Foundry, General Catalyst, Spark Capital, and Union Square Ventures.

The fund will also support a variety of under-represented fund managers via its stake in First Close Partners, a venture fund with the mission of making venture capital more inclusive that invests in funds led by underrepresented managers.

The schools will hold the partnership interests and distributions as part of their permanent endowment. The income on the endowment can be used as they wish.

Read the Axios coverage of the fund’s announcement by clicking here.