Busara Advisors is planning a fund that will give investors an opportunity to give back to the community, by training minorities for a future in the hedge fund industry.
New York-based Busara has teamed up with Sponsors for Educational Opportunity to create a fund of hedge funds that will invest in emerging managers that pledge to give internships to undergraduates through SEO's summer career program. The new fund, christened True Opportunity, is targeted at foundations, endowments and pension funds and is expected to debut in the summer.
Busara CEO Joseph Schlater told Pensions & Investments he hasn't lined up any investors yet, although interest in the product is high.
Busara, minority-owned itself, was launched in 2008 and builds customized portfolios of women- and minority-owned hedge funds for clients. The new fund will be even more specialized, allocating only to managers with less than $500 million in assets and a willingness to take on an intern or two.
"The focus of our program is promoting diversity within the alternative investment management industry," SEO's Julian Johnson told P&I.