CORPORATE SOCIAL RESPONSIBILITY
Through our commitment to Fairview Capital, in 2022, New York Life deployed investment capital with Base10 Partners, the world’s largest Black-led venture capital (VC) firm by assets under management. Specifically, we invested in Base10’s Advancement Initiative, which focuses on growth-stage investments in technology companies that demonstrate high potential for strong returns.
The Advancement Initiative has a similar investment strategy to other late-stage VC firms. However, what makes it unique is that it shares 50 percent of its portion of the profits with Historically Black Colleges and Universities (HBCUs). Led by Jamison Hill, the Advancement Initiative aims to help HBCU endowments bridge the funding gap to bellwether universities. Through its relationship with HBCUs, the Advancement Initiative also seeks to help build the next generation of what will be a more diverse group of tech company founders.
“If we provide capital to these campuses in the right way, that will give them the ability to really promote entrepreneurship and technology,” says Hill. “Our long-term vision is to turn these campuses into hotbeds of innovation so hopefully the next tech unicorn will be founded on an HBCU campus.”
While still early, the Advancement Initiative has invested in nearly two dozen companies thus far and has seen some positive results from its portfolio. More meaningful investment returns should materialize over the next few years. In addition, the Advancement Initiative is furthering its mission by hosting the largest career fair for underrepresented talent in technology. At the inaugural event, about 3,500 students attended over 1,000 meetings with employers, including a slew of Base10 portfolio companies who were seeking interns and full-time candidates.
The Advancement Initiative also has a partnership with the Black Venture Capital Consortium that helps with placing students into internships for the summer. “Our goal is to increase the quality and number of minority recruits that our companies are seeing,” Hill says.
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