Virginia Union is the first recipient of a partnership between impact investment firm The Steinbridge Group, led by Tawan Davis, and the Student Freedom Initiative, a not-for-profit founded by Black billionaire Robert F. Smith.
Virginia Union University has received a roughly $40 million capital investment from The Steinbridge Group, marking the largest gift in the historically Black university’s 159-year-history. The money will be used to develop 100 acres of the university’s underutilized land for attainable commercial and residential uses.
Virginia Union is the first partner recipient to be announced from a collaboration between impact investment firm The Steinbridge Group, led by CEO and founder Tawan Davis, and the Student Freedom Initiative (SFI) a not-for-profit founded by Black billionaire Robert F. Smith, chairman and CEO of Vista Equity Partners. Steinbridge provided $100 million in capital investment. At the same time, SFI was announced last week as the collaborating organization to help source the recipient Historically Black Colleges and Universities (HBCUs) and other minority serving institutions (MSIs) The effort will expand investments to develop impact-focused real estate around these institutions, creating affordable housing options for working families including professors and area professionals.