ATLANTA, June 8, 2021 / PRNewswire / – University Growth Fund (UGF), the nation’s largest student-managed investment fund, provides unique access to the highly competitive and lucrative venture capital career through hands-on experience. Today, with support from Ally Financial, UGF has expanded its operations to Atlanta, home to 26,000 college and university students of color, to ensure that more black and brown students have access to this field under -represented.
“Only 2% of venture capitalists are black … We want to change that.” – Peter Harris, founding partner, UGF
“Only 2% of venture capital leaders are black1, making venture capital one of the least diversified areas in our country, ”said Peter Harris, founding partner, University Growth Fund. “We want to change that. Our expansion towards Atlanta will be a watershed moment in terms of creating a pipeline for talented black and brown students who wanted to explore the field but just didn’t get the entry point. “
A hub for higher education and a prime location for VC transactions, Atlanta is a natural fit for UGF’s expansion. The city is home to 57 colleges and universities, including four historically black colleges and universities. With dozens of funds and accelerators, Atlanta provides a rich environment for career exploration. The new UGF office recently opened in the city center Atlanta.
“The goal of our work with the UGF is to open many more doors to high income opportunities for black and brown students,” said Di Morais, president of banking products for individuals and businesses, Allied bank. “UGF has a solid background in life changing by providing students with the experience necessary to join the world of high finance. Our team at Ally is delighted to be working alongside them to provide this crucial experience to young talents in the field. Atlanta area.”
The UGF difference
The UGF offers students San Diego, Salt lake city and Atlanta the opportunity to manage a fund and gain real world experience. Students receive comprehensive training during the multi-year program, executing investment projects from start to finish. Participants benefit from invaluable access to professional mentors and networking in a prestigious field.
Ally’s story with the UGF
Ally, who has supported the UGF since its inception, was the main investor in the original fund (2014) and the second fund (2020) with $ 25 million in the total investment. Ally has also funded scholarships and other grants.
“Without Ally’s continued support, we wouldn’t be where we are today,” Harris continued. “It’s more of a partnership than a financing relationship. Di Morais, Jan Bergeson and their team at Ally are involved and invested in our success. Engaged partners like this make possible the work we do and the impact we have on the lives of these students. “
Support UGFs Atlanta The expansion aligns with Ally’s commitment to investing in the future of black people, particularly in under-represented but well-paying career areas such as venture capital and private equity. Today’s news builds on Ally’s recent announcement of more than $ 1.3 million in scholarships and programs for black students and applicants in a variety of professions, including law, public policy, insurance, and other roles within financial services.
1Founding institute. (2020, February 22). Data shows black entrepreneurship is growing in US: investors should take note. https://fi.co/insight/black-entrepreneurship-is-growing-in-strength
About the UGF
University Growth Fund is the country’s largest education private equity fund, with over $ 65 million in assets under management of several institutional investors. The UGF offers university students the opportunity to gain first-hand experience by investing alongside leading investors in many of the country’s top companies. UGF typically has around 40 associate students from twelve universities in the program each semester. Learn more about www.ugrowthfund.com.
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a digital financial services company committed to delivering on its promise to “do it right” for its consumer, business and corporate customers. Ally is comprised of an independent auto finance and insurance company, an award-winning direct digital bank (Allied bank, member of the FDIC and Equal Housing Lender, which offers mortgages, personal point-of-sale loans and a variety of deposit and other banking products), a corporate fundraising activity for fund promoters own and middle market companies, as well as brokerage and investment in securities Advisory services. A steadfast ally in all things money, Ally helps people save and earn well, so they can spend on what matters. For more information, please visit www.ally.com and follow @allyfinancial.
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SOURCE Financial Allied