VUU Makes History with New Endowment Policy

Dr. Hakim J. LucasVirginia 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.