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Owning The Diamond: Why HBCU Women Entrepreneurs Should Buy a Women’s Pro Baseball Team

Posted on November 21, 2025 by | Leave a comment

“Let us put our moneys together; let us use our moneys; let us put our moneys out at usury among ourselves, and reap the benefits ourselves.” – Maggie L. Walker, pioneering African American banker and businesswoman:

It is not enough to cheer from the stands.
IIt is not enough to cheer from the stands. If HBCU women entrepreneurs and the institutions that produced them are serious about building generational wealth, influence, and visibility in the global sports economy, then ownership, not participation, must be the goal. The emergence of the Women’s Pro Baseball League (WPBL) offers just such a moment. Four inaugural franchises in Los Angeles, San Francisco, New York, and Boston mark the first professional women’s baseball league in the United States since 1954. And yet, amid this historic announcement, one question should echo across the HBCU landscape: Who will own a piece of it?

Ownership in sports is about more than trophies it’s about capital, culture, and control. While athletes inspire, it is owners who shape the economic ecosystem: negotiating television contracts, setting standards for pay equity, deciding where teams are located, and determining which communities benefit from their presence. In American sports, Black ownership remains vanishingly rare. Fewer than a handful of African Americans have ever held majority stakes in professional teams across all major leagues. Among women, ownership representation is even smaller. Yet the HBCU ecosystem comprising over a hundred institutions, $4 billion in endowment capital (though still dwarfed by their PWI counterparts), and a growing class of wealthy and capable alumni possesses both the human and institutional capital to change that reality. Buying a WPBL franchise would be a powerful signal: that African American women are no longer content to merely play or support the game, but to own the infrastructure of it.

The WPBL represents a once-in-a-century opportunity. The last women’s professional baseball league folded in 1954 when postwar America reverted to its gendered labor norms and refused to institutionalize women’s success on the field. Today, that same sport returns in a vastly different economy one defined by media fragmentation, digital storytelling, and institutional investing that rewards niche audiences and strong narratives. Women’s sports are on the rise. The WNBA just received a $75 million investment round from Nike, Condoleezza Rice, Laurene Powell Jobs, and others. Women’s college basketball ratings have exploded, drawing more viewers than some men’s sports. The National Women’s Soccer League has seen team valuations grow fivefold in the past five years. Investors are realizing what the data already shows: undervalued leagues often yield outsized returns once visibility and infrastructure catch up.

The WPBL sits at this exact inflection point. Early investors will not just shape the league they will define its culture, inclusivity, and profitability. This is why HBCU women entrepreneurs, backed by HBCU endowments and alumni capital, should move swiftly. Ownership here is not a vanity project it is a long-term equity position in the fastest-growing frontier of professional sports.

Start-up sports franchises are not the billion-dollar investments of the NFL or NBA. The WPBL’s initial teams are expected to sell for figures in the mid-seven to low-eight figures: expensive, yes, but feasible through a syndicate model combining entrepreneurial capital and institutional backing. A $15 million franchise, for instance, could be financed with $5 million in equity from HBCU women entrepreneurs, $3 million in matching commitments from HBCU endowments through a joint-venture investment arm, $5 million in debt financing via an African American–owned bank or credit union consortium, and $2 million in naming rights, sponsorship pre-sales, and city incentives.

Such a structure distributes risk while maximizing institutional leverage. It also allows for a reinvestment loop: returns from franchise appreciation, media deals, or merchandising could feed back into the endowments that helped fund the acquisition, growing HBCU wealth through private equity in sports. At a modest ten percent annualized return over fifteen years, a $3 million endowment investment could grow to more than $12.5 million, even before accounting for franchise appreciation. The social return of visibility, leadership, and influence would be immeasurable.

HBCU women entrepreneurs already lead some of the most innovative ventures in the country from fintech to fashion to wellness. They have built companies with leaner budgets, higher risk tolerance, and community-driven missions. That same acumen could translate seamlessly into sports ownership. A women-led ownership group rooted in HBCU culture would bring authenticity to a league whose audience is already primed for inclusive storytelling. They would not merely own a team they would shape its identity around empowerment, intellect, and cultural sophistication. Imagine a team whose executive suite reflects Spelman’s academic rigor, Howard’s creative dynamism, and FAMU’s entrepreneurial grit.

Moreover, the investment aligns with HBCU women’s long history of institution building. From Mary McLeod Bethune’s founding of Bethune-Cookman University to Maggie Lena Walker’s creation of the first Black woman–owned bank, African American women have always been at the forefront of merging mission with market. Buying a professional sports franchise is simply a modern continuation of that legacy.

Most HBCU endowments remain undercapitalized. Collectively, they total roughly $4 billion, compared to Harvard’s $50 billion alone. That gap underscores why traditional endowment investing centered on conservative asset classes may not close the wealth chasm. Sports equity, particularly in emerging women’s leagues, represents a hybrid investment: cultural capital meets growth asset. Endowments could carve out a modest allocation for strategic co-investment vehicles aimed at ownership in minority- or women-led sports ventures. Such a move would not only produce potential returns but reposition HBCU endowments as active agents in wealth creation, mirroring how elite universities use their endowments as venture capital arms. The same institutions that once nurtured the first generations of African American scholars could now nurture the first generation of African American women sports owners.

The path to ownership would unfold in phases: coalition building, institutional partnerships, financial structuring, branding, and media engagement. The first step would be forming an HBCU Women Sports Ownership Council an alliance of HBCU alumnae entrepreneurs, investors, attorneys, and sports professionals. Its mission would be to identify a WPBL franchise opportunity, conduct due diligence, and negotiate terms. Next, endowments, foundations, and alumni associations could serve as anchor investors via a pooled HBCU Sports Ownership Fund. African American–owned financial institutions would provide credit facilities, ensuring that capital circulation strengthens Black banking. The team’s branding could reflect HBCU values of intellect, resilience, and excellence. Annual “HBCU Heritage Games,” scholarships for women in sports management, and partnerships with K–12 baseball programs would ensure the franchise deepens institutional impact.

By the time Opening Day 2027 arrives, the vision becomes real. A stadium in Atlanta or Houston cities with deep HBCU roots roars with excitement. The team, perhaps named The Monarchs in tribute to the Negro Leagues, takes the field in uniforms stitched by a Black-owned apparel company. The owner’s suite is filled not with venture capitalists, but HBCU women—founders, engineers, bankers, educators—raising glasses to history. Every ticket sold funds scholarships. Every broadcast includes HBCU branding. Every victory multiplies across the ecosystem, from the university’s endowment statement to the little girl in the stands whispering, “She looks like me.” That is the multiplier effect of ownership.

A defining mark of this ownership group’s legacy should not only be who owns the team but who benefits from it. When an HBCU-led syndicate buys a women’s professional baseball team, it must ensure that every dollar of the fan experience circulates through Black and HBCU-centered businesses. Ownership without ecosystem-building simply recreates dependency; real power multiplies through participation.

An HBCU women’s ownership group has the chance to build an authentically circular sports economy, where concession stands, catering services, and retail vendors reflect the same entrepreneurial DNA as the team itself. The model for this begins with women like Pinky Cole, founder of Slutty Vegan, who transformed plant-based dining into a cultural and economic phenomenon through purpose-driven branding and community investment. Her ability to merge food, culture, and empowerment offers a blueprint for how HBCU women entrepreneurs could anchor the ballpark experience in ownership and identity.

Complementing this vision is the role of HBCU-owned service enterprises like Perkins Management Services Company, founded by Nicholas Perkins, a Fayetteville State University alumnus and owner of Fuddruckers. Perkins Management operates food services across HBCUs and federal institutions, combining operational scale with cultural competence. Partnering with Perkins Management to run stadium concessions or hospitality would ensure that the team’s operations mirror the ownership group’s values efficiency, reinvestment, and excellence.

Such an approach would transform the stadium into an economic hub for HBCU enterprise. Food vendors would come from HBCU alumni-owned companies. Uniform suppliers could source from HBCU textile programs. Merchandise stands could feature HBCU student designs. Hospitality contracts would prioritize HBCU-affiliated culinary programs. The music during games could feature HBCU marching bands or alumni artists. Even the stadium’s artwork could highlight HBCU painters and photographers, ensuring every sensory detail honors the ecosystem that made the ownership possible. A fan buying food or merchandise would not just be a consumer they’d be participating in a shared mission to strengthen African American institutions.

This reimagined sports environment would also offer internships, apprenticeships, and consulting opportunities for HBCU students and faculty. Business students could study operations. Communication majors could intern with the PR team. Engineering departments could advise on stadium energy efficiency. Each partnership would turn the franchise into a living classroom of applied HBCU excellence.

At a time when major leagues outsource globally, a women’s baseball franchise owned by HBCU women could reimagine localization and reinvestment as competitive advantage. Every game day would circulate dollars through a self-sustaining ecosystem that feeds back into HBCU entrepreneurship. Because when the ballpark itself is powered by HBCU women’s enterprise from boardroom to concession stand it ceases to be a venue. It becomes a living institution.

If the Women’s Pro Baseball League truly takes off, early ownership will be the golden ticket. African American investors have often entered markets too late once valuations skyrocket and access narrows. Now, before the WPBL matures, is the time for HBCU institutions and their entrepreneurial alumnae to act collectively. The call is not for charity but for strategy. Pooling even a fraction of the capital that circulates annually among HBCU alumni could change the power dynamic in sports forever. Endowments could stake equity. Alumni could invest through private funds. Students could study the economics of their own institution’s franchise. The result would be a feedback loop of wealth, wisdom, and visibility.

The first women’s professional baseball league in seventy years deserves first-of-its-kind ownership and no community is more qualified to deliver it than HBCU women. Because when HBCU women own the field, the entire game changes.

Disclaimer: This article was assisted by ChatGPT.

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Pan-African Capital: HBCU Endowments, African American Banks, and Kenya’s Growth Story

Posted on October 17, 2025 by | 1 comment

“When HBCU endowments and African American banks act together, they stop being small players. They become a financial force that nations must reckon with.” – HBCU Money Editorial Board

In the next several decades, the fault lines of global growth will not run through New York or London but through Nairobi, Lagos, and Accra. Kenya, sitting at the intersection of East Africa’s financial corridor and global trade routes, has become a laboratory for innovation in fintech, agriculture, and infrastructure. Yet despite centuries of cultural, spiritual, and blood connections, African America remains structurally absent from this new frontier of opportunity. Our financial institutions and HBCU endowments are under-leveraged in international markets, particularly in Africa, even as Asian, European, and Middle Eastern investors carve out dominant positions. For African American financial institutions and HBCU endowments, Kenya represents more than just an emerging market. It is a strategic stage for institutional wealth-building, geopolitical leverage, and reconnecting the African Diaspora through shared prosperity. The opportunity lies not simply in making isolated investments but in creating transatlantic joint ventures that bring together capital, expertise, and institutional strategy.

Kenya is more than safari brochures and tourist postcards. Its economy has quietly matured into one of Africa’s most diversified. With a GDP of over $110 billion and growth rates consistently outperforming many global peers, Kenya is often referred to as East Africa’s economic anchor. Nairobi has developed into the region’s financial hub, hosting multinational headquarters, stock exchange operations, and a robust startup ecosystem. Agriculture remains central, with Kenya exporting coffee, tea, and horticultural products while seeking to expand into value-addition agribusiness. Technology is another frontier, with Nairobi’s “Silicon Savannah” serving as a magnet for fintech, led by the global success of M-Pesa. Rapid urbanization fuels infrastructure and real estate demand, while Kenya’s leadership in geothermal and renewable energy has made it a global model. For African American institutions, the attraction lies not only in the growth metrics but in the alignment of needs: Kenya seeks patient capital, educational partnerships, and trusted diaspora allies, while African American institutions seek diversification, higher yields, and independence from U.S.-centric markets.

Despite African America’s aggregate $1.8 trillion in consumer spending, the community’s institutional capital remains modest. Only a handful of Black-owned banks, credit unions, and venture firms exist, and most hold under $1 billion in assets. HBCU endowments combined are less than $4 billion—an amount dwarfed by single Ivy League endowments. Yet within these constraints lies enormous potential. African American financial institutions already possess the regulatory infrastructure to pool and allocate capital, while HBCU endowments, though smaller in scale, carry moral weight and symbolic capital that can unlock global partnerships. Together, these institutions can create vehicles for international deployment of African American wealth, something that has been absent throughout our history. Imagine a pooled investment fund where Howard University, Spelman College, and Florida A&M commit $25 million collectively, matched by $25 million from Black-owned banks. That $50 million fund could be deployed into Kenyan agritech ventures, renewable energy projects, or commercial real estate. The collaboration would be historic: an African Diaspora financial ecosystem investing directly in Africa’s future.

The reasons to prioritize such engagement are strategic. Diversification is one. U.S. capital markets are increasingly low-yield for small institutional investors, while African markets offer higher growth potential and uncorrelated returns. Another is first-mover advantage. Unlike European or Asian investors, African American institutions do not carry the baggage of colonial relationships, which makes trust-based partnerships more viable. Transnational investment also provides institutional leverage. Just as Jewish, Irish, and Italian communities have leveraged diaspora ties for economic and political power, African Americans can build similar networks of influence. Beyond finance, there is the educational pipeline. HBCUs can link faculty, students, and alumni into research, study abroad, and entrepreneurial ventures tied to investments in Kenya. And finally, there is legacy. These investments address the absence of transgenerational institutional wealth that has long defined the African American economic condition.

The structures to achieve this vision can be diverse. A Diaspora investment fund pooling capital from HBCU endowments, Black-owned banks, and other African American institutions could professionally manage investments in Kenya. Public-private partnerships could align capital with Kenya’s infrastructure push in transport, energy, and housing. Venture capital and startup accelerators in Nairobi could connect HBCU students with Africa’s entrepreneurial scene while generating equity returns. Real estate investment trusts, driven by Nairobi’s urbanization, could provide stable income streams. Even education-linked ventures in e-learning and vocational training could generate both profit and intellectual reciprocity.

The barriers are real but not insurmountable. Kenya requires foreign investors to comply with incorporation, licensing, and work permit laws, which demand careful navigation. Currency risk from fluctuations in the Kenyan shilling must be hedged. Information gaps are wide, with many African American institutions unfamiliar with African business environments, highlighting the need for trusted partnerships and research. The relatively small scale of HBCU endowments makes collaboration indispensable. Above all, transparent governance and professional management are critical to avoid reputational risk. Yet none of these barriers are unique. European, Asian, and African investors face them daily and manage to thrive.

This is not only an economic project but a political one. The creation of a formal African American–Kenya Investment Council, for example, could coordinate through the Four Points Chamber of Commerce, HBCUs, and Kenyan universities to advocate for favorable treaties, tax incentives, and research collaborations. African American institutions investing abroad alter the narrative at home: no longer just a constituency asking for inclusion, but a global economic player with interests that stretch across the Atlantic. Such evolution creates leverage in Washington, Wall Street, and international forums.

Take agritech as a concrete example. Kenya’s agricultural sector employs over 60 percent of its labor force, yet productivity remains limited by technology and infrastructure. African American banks could co-finance ventures in irrigation, cold storage, and logistics platforms. HBCUs such as Tuskegee and Prairie View A&M could supply expertise in agricultural science and training. The returns could be strong, while the ventures also address food security and climate resilience—issues central to Africa’s stability. This is an example of investment tied not only to financial return but to global relevance.

The deeper point is that these ventures embed African American institutions into Africa’s growth story. They create a new narrative where HBCU students intern at Nairobi startups, Kenyan entrepreneurs raise capital from African American banks, and families on both sides of the Atlantic see tangible proof that the Diaspora is not fragmented but interwoven. In a world where capital dictates influence, these ties are transformative. They represent not just diversification but restoration, an opportunity to re-knit the fabric of a dispersed people through shared prosperity.

The cost of inaction is steep. China has entrenched itself in Kenya and across Africa through the Belt and Road Initiative. Gulf states are investing heavily in energy and real estate. European firms continue to capture opportunities in agriculture and infrastructure. If African American institutions remain passive, they will again watch as others define Africa’s economic trajectory, forfeiting both profits and influence. Worse, they will remain locked in a domestic cycle of undercapitalization and marginalization, failing to establish the transatlantic presence that could transform their institutional standing.

For too long, African America has celebrated individual success while neglecting institutional power. The result has been wealth without leverage and influence without permanence. Kenya and the wider African continent present a chance to reverse this trajectory. African American financial institutions and HBCU endowments can seize the opportunity by building joint investment vehicles that are ambitious, strategic, and collaborative. To invest in Kenya is to invest not only in profitable ventures but in the future of a Diaspora united by shared capital, shared strategy, and shared destiny. The transatlantic bridge is waiting to be built. The question is whether African America will summon the courage, coordination, and vision to cross it.

Step-by-step practical framework that African American financial institutions and HBCU endowments could follow to launch their first $50 million joint Kenya investment fund:

Imagine a handful of African American bank CEOs and HBCU endowment chiefs sitting together in a boardroom. The room is filled with cautious optimism. They know that together, they control billions in assets. What they don’t yet have is a proven model for working together to extend institutional power abroad. That meeting marks the first step: the coalition. A steering committee is formed, with voices from banking, academia, and outside advisors who know Kenya’s economic landscape. Their mandate is clear—launch a fund that delivers returns, but also anchors a new Pan-African economic relationship.

Step 1: Establish a Foundational Coalition

  • Identify core partners: Secure commitments from 3–5 African American banks and 5–7 HBCUs with at least $50M in combined investable capital.
  • Set up a steering committee: Include representatives from bank leadership, HBCU endowment managers, and external advisors with Africa market expertise.
  • Define purpose: Clearly state the dual mission: generating strong financial returns while building a bridge for institutional Pan-African economic partnerships.

The first order of business is to commission a feasibility study. Consultants with expertise in Kenya’s political economy, regulatory framework, and sector opportunities are hired. They map out the terrain: Kenya’s fast-growing fintech sector, renewable energy projects feeding off abundant solar and wind, agribusiness tied to both domestic and export markets, and logistics hubs serving East Africa’s gateway economy. Risks are weighed—currency volatility, regulatory hurdles, political cycles—but so are opportunities. The committee sees promise.

Step 2: Commission a Feasibility Study

  • Hire consultants with Kenya expertise: Legal, financial, and political economy experts based in both the U.S. and Kenya.
  • Sector focus analysis: Prioritize sectors Kenya is inviting foreign direct investment into—agriculture, fintech, renewable energy, real estate, and logistics.
  • Risk assessment: Evaluate currency volatility, repatriation policies, political stability, and regulatory compliance.

Next, the legal and financial scaffolding of the fund takes shape. They agree on a traditional GP/LP structure based in the U.S. for investor familiarity, with a Kenyan arm for local operations. Banks pledge their first tranches—perhaps $5M each. HBCUs, with smaller endowments but a deep sense of mission, contribute $2–3M apiece. Collectively, the first commitments reach $30M, enough to begin building credibility. The remaining capital will come from outside partners.

Step 3: Create the Legal & Financial Structure

  • Fund structure: Decide whether the vehicle will be a private equity fund, venture fund, or blended finance model.
  • Jurisdiction: Likely establish a U.S.-based LP/GP model for investor confidence, with a Kenyan subsidiary or partnership entity.
  • Capital commitments: Each bank and HBCU pledges proportional investments. Example: 3 banks commit $5M each, 7 HBCUs commit $2–3M each, plus matching funds from development finance institutions.

Those partners are cultivated carefully. Calls are made to the African Development Bank, IFC, and the U.S. International Development Finance Corporation. Each sees value in a diaspora-led fund connecting capital from the African American community to African markets. Meanwhile, Kenyan pension funds and cooperatives are invited to co-invest. Diaspora high-net-worth individuals are offered side-car vehicles. With these anchor and matching partners, the fund’s $50M target is within reach.

Step 4: Secure Anchor & Matching Partners

  • DFIs and multilaterals: Approach institutions like African Development Bank (AfDB), U.S. International Development Finance Corporation (DFC), and IFC for co-investments.
  • Kenyan institutions: Partner with local pension funds, cooperatives (SACCOs), or universities to establish local credibility and co-ownership.
  • Diaspora investors: Offer side-car investment vehicles for African American and African diaspora high-net-worth individuals.

Governance is another priority. The steering committee transforms into an investment committee, balanced between African American institutional leaders and Kenyan business experts. An advisory board is established with specialists in agriculture, energy, real estate, and fintech. Transparency is emphasized—annual impact reports will detail not only financial returns, but jobs created, student exchanges launched, and trade flows increased.

Step 5: Build Governance & Accountability Mechanisms

  • Investment committee: Balance between African American institutional reps and Kenyan business leaders.
  • Advisory board: Include sector specialists in agriculture, energy, fintech, etc.
  • Transparency: Publish annual reports and impact metrics, not just financial returns, but job creation and trade flows between HBCUs and Kenya.

Deal flow comes next. Nairobi-based investment professionals are hired to scout opportunities, vet local entrepreneurs, and structure partnerships. At the same time, HBCUs begin linking their own academic programs—business schools, agricultural research centers, and engineering departments—into the fund’s sector priorities. Student projects and faculty research now have real-world investment applications in Kenya.

Step 6: Develop Pipeline & Deal Flow

  • Partnership with Kenyan government: Leverage incentives offered to foreign investors, including tax breaks and special economic zones.
  • Local deal scouts: Hire Nairobi-based professionals to source deals in priority sectors.
  • HBCU connections: Link research and student projects to sectors targeted by the fund (e.g., agricultural science programs tied to Kenyan agribusiness investments).

With structure, governance, and deal flow in place, the fund launches its pilot tranche. $10M is deployed across two or three projects. A solar mini-grid company extending power to rural communities. A fintech platform simplifying mobile payments. A mid-sized agribusiness processing exports for global markets. These are not moonshots—they are solid, scalable enterprises that demonstrate both impact and return. The performance of this pilot will be watched closely. If successful, it will unlock the remainder of the $50M and set the stage for larger ambitions.

Step 7: Launch Pilot Investments ($10M tranche)

  • Start small within the $50M: Deploy $10M across 2–3 companies/projects.
  • Focus on scalable businesses: Renewable energy mini-grids, fintech payment platforms, or agri-processing facilities.
  • Monitor performance closely: Use pilot results to refine risk models, build confidence among stakeholders, and attract more investors.

Within 18 months, the pilot investments begin to show results. Jobs are created. Returns begin to flow. Confidence builds. The remaining capital is deployed, spreading across a diversified portfolio. HBCUs launch student and faculty exchanges with Kenyan institutions tied to the fund’s sectors. African American banks begin opening lines of credit to U.S. businesses interested in exporting to East Africa. The fund is no longer just an experiment—it is an institution in itself.

Step 8: Expand and Institutionalize

  • Scale to full $50M deployment: After 12–18 months of pilot success, release additional tranches.
  • Knowledge transfer: Create HBCU student and faculty exchange programs tied to investments.
  • Secondary fundraising: Use strong pilot performance to raise an additional $100M+ follow-on fund.

As momentum grows, the fund takes steps toward permanence. A Nairobi office is established, staffed by African American and Kenyan professionals alike. Training programs create a pipeline for HBCU students to intern in Kenya and Kenyan students to study at HBCUs. Over time, this exchange deepens the cultural and economic ties the fund was designed to spark.

Step 9: Create Long-Term Infrastructure

  • Permanent office in Nairobi: Establish a joint African American–Kenyan fund management company.
  • Training & pipeline development: Develop internship pipelines for HBCU students in Kenya, and Kenyan students at HBCUs.
  • Institutional trust: Turn the fund into a long-term institutional asset class for African American banks and HBCUs.

After five years, success is measured in multiple ways. Financially, the fund delivers returns in line with its targets—perhaps 12–15% IRR. Institutionally, it has created a precedent: HBCUs and African American banks can collaborate on global investments. Socially, it has created jobs in Kenya, exported knowledge and partnerships, and brought students and faculty into real-world economic diplomacy. Most importantly, it has built trust. Trust between African American institutions and African markets. Trust that this model can be scaled.

Step 10: Measure Success & Reinvest

  • Financial benchmarks: Target 12–15% IRR across diversified investments.
  • Social impact: Jobs created in Kenya, number of HBCU students/faculty involved, new African American businesses entering African markets.
  • Recycling capital: Reinvest returns into next-generation funds, building compounding institutional wealth.

With trust comes ambition. A second fund is planned—this time $100M, then $500M. The coalition envisions a Pan-African investment platform, deploying billions across sectors and countries. HBCUs, once thought of only as educational institutions, now sit at the table of international finance. African American banks, once dismissed as niche, now act as global intermediaries for diaspora capital.

The $50M Kenya fund was never just about money. It was about proving the power of joint institutionalism. It was about showing that African American capital, when organized and directed abroad, can generate wealth, influence, and opportunity for generations. And it was about establishing a roadmap that others can follow—a playbook for diaspora-led investment that starts in Kenya but could extend across the African continent.

Disclaimer: This article was assisted by ChatGPT.

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While Howard Is Chasing Harvard, What Public HBCUs Are Chasing UTIMCO?

Posted on September 16, 2025 by | Leave a comment

“I make no apology for the love of competition.” – John Harbaugh

In the world of higher education finance, few numbers turn heads quite like endowment size. It is the ultimate scoreboard for institutional power—a metric that signals not only a university’s wealth but also its capacity to shape research, drive innovation, support students, and influence national policy. In this rarefied air, Howard University has made history, becoming the first Historically Black College or University (HBCU) to surpass the $1 billion endowment mark. According to HBCU Money’s 2024 rankings, Howard’s endowment now stands at $1.03 billion.

Spelman College, long regarded as Howard’s fiercest private competitor, received a record-setting $100 million donation in 2023. Yet even with that windfall, its endowment reached $506.7 million—leaving it more than $500 million behind Howard. Nevertheless, Spelman’s donor base remains one of the strongest in Black higher education, and it may still overtake Howard in the race to $2 billion. But the $1 billion baton has already been passed.

If Howard is chasing Harvard, and Spelman is setting its sights on Yale, then who among public HBCUs dares to chase the Goliath of public university endowments—UTIMCO?

The Silent Behemoth in Texas

UTIMCO—the University of Texas/Texas A&M Investment Management Company—is not just large; it is colossal. As of 2024, UTIMCO manages a staggering $64.3 billion in assets across the University of Texas and Texas A&M university systems. That figure is nearly $15 billion more than Harvard’s own endowment and more than three times the size of the second-largest public university endowment at the University of Michigan.

This financial empire is largely invisible to the public eye. Few outside of elite Texas financial and political circles are even aware of UTIMCO’s existence, let alone its scale. It quietly funds a wide spectrum of research, real estate development, and private equity plays that influence state and national agendas.

If an HBCU—or group of HBCUs—is ever to rival that level of public endowment control, it will not happen by accident. It must be built. And it will most likely be built collectively.

HBCUs and the Endowment Gap

The endowment disparity between HBCUs and Predominantly White Institutions (PWIs) has been well-documented. HBCUs represent around 3% of America’s colleges, yet account for less than 1% of total U.S. endowment wealth. According to a McKinsey report, HBCUs would need $12.5 billion in incremental funding to achieve endowment parity with similarly sized PWIs.

While private HBCUs like Howard and Spelman appear to be making some headway, public HBCUs remain largely behind. Most of them are tethered to state systems that have historically underfunded them and which rarely—if ever—extend the full benefits of their system-wide endowment strategies.

Consider the University of North Carolina System. It includes North Carolina A&T, the largest HBCU by enrollment, and North Carolina Central University. Yet both institutions have endowments under $200 million. Meanwhile, UNC Chapel Hill boasts an endowment exceeding $5.4 billion. Similarly, Florida A&M University has an endowment of less than $200 million, while the University of Florida’s soars above $2 billion.

The Case for a Public HBCU Endowment Challenger

In identifying a public HBCU capable of mounting a challenge to UTIMCO’s financial supremacy, the most promising strategy does not lie in the strength of one institution—but in the collective power of several. States that are home to multiple public HBCUs present the most viable path to establishing a unified, independently managed investment entity that can leverage scale, pooled capital, and institutional collaboration.

Virginia, Alabama, Georgia, North Carolina, South Carolina, and Mississippi all house two or more public HBCUs, each with proud legacies and strategic regional influence. A coordinated financial framework across these schools could form the foundation of a “Black UTIMCO”—a professionally managed, state-based consortium endowment capable of rivaling small PWI systems in both return and influence.

The most likely candidates must share a few key characteristics:

  1. State-Level Endowment Consortium Model – States with two or more public HBCUs, such as Virginia (Virginia State, Norfolk State), Georgia (Albany State, Fort Valley State, Savannah State), or Alabama (Alabama A&M, Alabama State), are uniquely positioned to pioneer a collective endowment strategy. Rather than relying on marginal support from broader university systems, these HBCUs could form a joint investment vehicle modeled on UTIMCO—pooling their endowments under a professionally managed, independent investment company. Such a fund would enable economies of scale, competitive asset management, and unified long-term planning, boosting their ability to generate investment alpha and philanthropic leverage.
  2. Flagship Status Among HBCUs – Institutions with strong alumni networks, national reputations, and federal research capabilities are better positioned to attract major philanthropy.
  3. Strategic Location – HBCUs located in fast-growing economic zones can leverage regional corporate ties for private partnerships.

However, creating such a financial architecture is not purely a technical endeavor. It is inherently political—and often fraught with social resistance.

The Political Geography of Resistance

Many of the states that host multiple public HBCUs are governed by conservative legislatures and state boards of regents that have long resisted equitable funding for Black institutions. Despite proclamations about diversity, equity, and inclusion, these power structures often withhold support from Black-led entities that could challenge traditional hierarchies.

  • Alabama, with Alabama State and Alabama A&M, underfunded its HBCUs by over $527 million between 1987 and 2020, according to the U.S. Department of Education.
  • Georgia’s consolidation of HBCUs like Albany State into broader system structures has often diluted their financial and governance autonomy.
  • Mississippi has repeatedly neglected basic infrastructure and funding needs at its three public HBCUs—Jackson State, Alcorn State, and Mississippi Valley State—despite allocating surpluses elsewhere. It is also no secret that Mississippi has purposely constructed a singular board of trustees for all of its public higher education institutions across the state with Ole Miss and Mississippi State unabashedly dominating the board.

Even in Virginia, perceived as more moderate, a move by Virginia State University and Norfolk State to pool their endowments might be seen as too bold a play in a state that still subtly resists Black institutional consolidation.

Social Impediments and Institutional Fragmentation

Beyond politics, there are intra-HBCU dynamics that complicate collaboration. These institutions have historically been forced to compete for scraps, which can breed a zero-sum mentality. Trustees, alumni, and administrations often prefer complete local control over modest assets rather than shared governance over substantial ones.

Convincing institutions to pool their endowments requires cultural alignment and a long-term vision of shared prosperity. Donors, too, may resist giving to multi-institutional funds, preferring the emotional appeal of a singular alma mater.

Nonetheless, this mindset must change. The math is clear: five public HBCUs each contributing $100 million can produce a $500 million investment base. That scale opens doors to private equity, hedge funds, and other vehicles that outperform the conservative allocations typically used by smaller institutional portfolios.

Institutions Poised for Leadership

  • North Carolina A&T State University, with an endowment of $201.9 million, remains the largest public HBCU endowment. With deep ties to tech and defense industries, it has both alumni momentum and industry leverage.
  • Florida A&M University, despite setbacks surrounding its pledged $237 million donation, has an official endowment of $124.1 million and stands to benefit immensely from partnership with institutions like Bethune-Cookman or Edward Waters.
  • Virginia State University and Norfolk State University, with $96.5 million and $88.2 million respectively, could combine to form the financial cornerstone of a Virginia HBCU Investment Company—managing nearly $185 million in assets at inception.

The Need for a “Black UTIMCO”

Rather than wait for state systems to share the wealth equitably, some in the HBCU policy space are advocating for the creation of a consortium endowment fund — a kind of “Black UTIMCO.” This collective endowment manager would pool assets from willing HBCUs, allowing them to negotiate better investment terms, lower fees, and generate alpha through scale.

Such an initiative would require governance innovation, donor transparency, and trust between institutions that are often underfunded and overburdened. But it may be the only viable path forward for public HBCUs to compete against mega-managers like UTIMCO, MITIMCo, or the Yale Investments Office.

A $5 billion consortium fund, even divided across 25 HBCUs, would be transformational. It could fund scholarships, capital improvements, faculty chairs, and technology upgrades, while giving HBCUs the financial leverage to attract major federal research grants.

A New Competitive Mindset

In American higher education, the metaphorical arms race is very real. Endowments are the stockpiles. Harvard and Yale are the gold standard in the private arena. UTIMCO is the titan in the public sector. And HBCUs, despite their contributions to Black excellence, continue to be locked out of the upper tier.

John Harbaugh’s quote about competition resonates because it points to a deeper truth: love of competition does not require parity at the outset, only the will to chase. Howard is in the final lap toward $1 billion, setting a new bar for Black institutional capital. Spelman may outdistance them on the next lap to $2 billion. But in the public sphere, the silence is deafening.

Where is the public HBCU that dares to dream of beating Michigan, surpassing UNC, or even challenging UTIMCO?

The Race Begins with Vision

Howard is chasing Harvard. Spelman is perhaps chasing Yale.

But no single public HBCU can chase UTIMCO. The scale is too vast, the machinery too entrenched, and the rules too uneven.

What public HBCUs can do, however, is combine. They can look across their borders, past their rivals, and toward a shared future. They can imagine a world where collective African American endowment power reshapes not just education, but the broader economy and policy landscape.

It is not a failure of ambition that no public HBCU has reached $1 billion. It is a failure of coordination and imagination.

The first African American UTIMCO will not be built by a single school. It will be built by a desire for compeition. A desire to win.

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A Merger of (Potential) Might: Why Prairie View A&M and Texas Southern Should Combine Their Foundations to Challenge the Endowment Establishment

Posted on September 1, 2025 by | Leave a comment

It is reason, and not passion, which must guide our deliberations, guide our debate, and guide our decision. – Barbara Jordan

In the gilded halls of America’s elite universities, financial firepower is both a symbol and source of dominance. Endowments—the great silent engines of academia—determine not only which students get scholarships but which schools can recruit Nobel-calibre faculty, fund original research, and shape public policy. At the apex of this order stands UTIMCO, the University of Texas and Texas A&M’s investment juggernaut, with more than $70 billion under management. Below, far below, exist the undercapitalised yet ambitious Historically Black Colleges and Universities (HBCUs) of Texas.

Two of the state’s largest HBCUs—Prairie View A&M University (PVAMU) and Texas Southern University (TSU)—have long histories, loyal alumni, and vital missions. What they do not have is institutional wealth. PVAMU’s foundation reported a modest $1.83 million in net assets in 2022. TSU’s foundation, better capitalised, holds $22.7 million. Combined, that amounts to just $24.5 million. For comparison, Rice University, less than 50 miles from either campus, holds an endowment north of $7.8 billion.

That yawning disparity matters. But it also presents an opportunity: a merger of the two foundations into a single, more potent philanthropic and investment entity. Done properly, it could reorient how Black higher education competes—not by appealing to fairness or guilt, but through scale, strategy, and institutional force.

A Rebalancing Act

To understand the potential of a PVAMU-TSU foundation merger, one must first grasp the dynamics of university endowments. Large endowments benefit from economies of scale, granting them access to exclusive investment opportunities—private equity, venture capital, hedge funds—often unavailable to smaller players. They attract the best fund managers, demand lower fees, and can weather market volatility without compromising their missions. Small foundations, by contrast, tend to be conservatively invested, costly to manage per dollar, and too fragmented to punch above their weight.

A consolidated HBCU foundation in Texas would be small compared to UTIMCO, but large relative to its peers. With a $25 million corpus as a starting point, the new entity could position itself for growth by professionalising its investment strategy, adopting a more ambitious donor engagement plan, and forming partnerships with Black-owned banks, family offices, and community institutions. Call it the Texas Black Excellence Fund, or perhaps, more simply, the TexHBCU Endowment.

To be sure, the legal and logistical barriers to such a merger are real. Foundation boards guard their autonomy jealously. Alumni pride can turn parochial. Governance models would need careful negotiation to ensure representation and avoid turf wars. But the arguments in favour are compelling.

The Power of One

First, a merger would cut overhead. Legal, accounting, auditing, and compliance costs—duplicated today—could be streamlined. A joint fundraising apparatus could create a single point of entry for corporate partners and high-net-worth donors. Branding efforts would gain coherence: instead of competing for attention, the institutions would stand together as a symbol of Black institutional unity and strength.

Second, scale invites leverage. A $25 million foundation cannot change the world overnight, but it can attract co-investments, engage in pooled funds, and perhaps even launch a purpose-driven asset management firm in the model of UTIMCO. If successful, this would be the first Black-led institutional investor of serious size in Texas—capable not only of managing endowment funds but of influencing broader economic flows across Black Texas.

Third, the merger would send a strategic signal to policymakers and philanthropic networks. It would say, in effect: “We are no longer asking for permission to grow. We are building the engine ourselves.” That tone matters. Too often, HBCUs are framed as needing rescue. A merged foundation flips that narrative. It becomes an asset allocator, a market participant, a builder of capital rather than a petitioner of it.

UTIMCO: A Goliath in the Crosshairs?

No one expects a $25 million fund to challenge a $70 billion behemoth. But that is not the point. UTIMCO’s dominance is as much political as it is financial. Its influence flows from its role as gatekeeper to resources, shaping everything from campus architecture to graduate fellowships. The merged HBCU foundation would not dethrone UTIMCO—it would decentralise power by becoming a second pole.

Indeed, the comparison may inspire mimicry. Just as UTIMCO serves multiple institutions, so too could a joint HBCU foundation. Prairie View and Texas Southern are only the beginning. Over time, the model could scale to include other Black-serving institutions across Texas and the South. This would amplify investment impact and accelerate institutional wealth-building.

Moreover, such a foundation could adopt an unapologetically developmental investment strategy. Where UTIMCO optimises for returns, the TexHBCU fund could optimise for both returns and racial equity—by investing in Black entrepreneurs, affordable housing, climate-resilient infrastructure, or educational tech. The dual mandate—profit and purpose—would not be a hindrance but a hallmark.

Regional Stakes

Prairie View sits on a rural hilltop. Texas Southern sprawls in urban Houston. But their communities are deeply connected—culturally, economically, demographically. A combined foundation could create regional development strategies that go beyond scholarship aid.

Imagine a venture fund seeding Black-owned start-ups in Houston’s Third Ward. A real estate initiative turning vacant lots into mixed-income housing for PVAMU students and local residents. A workforce development fund retraining returning citizens for green jobs across both cities. Each dollar invested becomes more than a balance sheet entry; it becomes a force for transformation.

This matters not just to students and faculty, but to the broader Texas economy. Black Texans make up 13% of the state population but own less than 3% of its small businesses. Educational attainment gaps persist. Institutional neglect deepens. The merger would not fix all this—but it would give the community a new tool for shaping its destiny.

Copy, Then Paste

If the model works, it would not stay in Texas. Southern University in Louisiana has multiple campuses and foundations that could benefit from consolidation. So does the University System of Maryland’s HBCUs. Indeed, the entire sector could adopt a federated endowment strategy—unified in purpose but distributed in governance.

HBCUs have long suffered from institutional atomisation. They are asked to compete individually in a system that rewards consolidation. Merging foundations is not just a finance play—it is a strategy for survival and sovereignty.

The Alternative: Stagnation

Critics may say a merger is too ambitious. That it risks alumni backlash or donor confusion. That it could take years to execute. But delay is itself a cost. Each year the foundations remain separate is another year of opportunity lost. Another year where millions in potential returns go unrealised. Another year where larger institutions deepen their lead.

PVAMU and TSU have histories to be proud of. But institutional pride must not become institutional inertia. A merger is not surrender—it is evolution.

In the long arc of higher education, moments of boldness define legacy. This is one of those moments. Two foundations. One future. Let the uniting begin.

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Ohio’s Unclaimed Billions Could Empower Central State and Wilberforce Instead of Enriching the NFL

Posted on July 18, 2025 by | Leave a comment

You can’t have political power unless you have economic power. You can’t have economic power unless you own something. — Dr. Claud Anderson

In the quiet towns of Wilberforce, Ohio, two institutions — Central State University and Wilberforce University — have stood for generations as monuments of African American intellectual resilience and historical fortitude. Founded in eras when the very idea of African American higher education was radical, both institutions have graduated engineers, entrepreneurs, theologians, and teachers who seeded entire Black communities with knowledge and leadership. Yet, in 2025, they remain financially fragile — their endowments barely grazing the thresholds needed for robust institutional health.

Meanwhile, Governor Mike DeWine just approved $600 million in state funds — sourced from Ohio’s $4.8 billion in unclaimed assets — to support the Cleveland Browns’ new domed stadium in Brook Park, an NFL franchise owned by billionaires. The Haslam Sports Group, the Browns’ owners, is contributing an additional $1.2 billion to the project, and Cuyahoga County is expected to round out the financing with another $600 million. The stadium, estimated at $2.4 billion, is framed as a jobs and tourism engine — the typical rationale for professional sports subsidies. But beneath the surface lies a deeply racialized economic pattern: Black bodies as capital, Black institutions as afterthoughts.

Let us state this plainly — $200 million in endowment funding (split between Central State and Wilberforce University) would account for just 4.17% of the $4.8 billion in unclaimed assets Ohio plans to repurpose. Yet it would transform the future of two of America’s most storied HBCUs, whose total combined endowments likely do not reach even $20 million today.

The $200 Million That Could Rebuild Black Educational Futures

An endowment is the economic engine of institutional independence. It enables faculty hiring, scholarships, research labs, infrastructure repair, and the kind of multi-generational planning that insulates a university from the unpredictable winds of politics and philanthropy.

  • Central State University, Ohio’s only public HBCU, receives state support — but suffers from persistent underfunding compared to Ohio’s predominantly white public institutions.
  • Wilberforce University, a private HBCU affiliated with the African Methodist Episcopal Church and the first college owned and operated by African Americans, has been in survival mode for decades, enduring accreditation threats and enrollment declines — largely due to chronic financial starvation.

A $100 million endowment per institution, conservatively managed with a 5% annual drawdown, would provide each HBCU with $5 million per year in perpetuity. That’s enough to:

  • Offer full-ride scholarships to dozens, if not hundreds, of students.
  • Endow faculty chairs in business, STEM, and African American studies.
  • Fund campus maintenance and restoration for aging facilities.
  • Launch centers focused on African American policy, agriculture, or entrepreneurship.
  • Reduce reliance on tuition and thus open doors to more low-income students.

In short, it would empower these institutions to build, not just survive.

Meanwhile, the Billionaire NFL Franchise Gets a Taxpayer Bailout

The Cleveland Browns’ new stadium is not just an economic development plan — it’s a public-funded monument to private wealth. Let us remember: The NFL is a tax-exempt cartel whose franchises are operated by billionaires and whose profits — through broadcast rights, luxury boxes, and merchandise — soar year after year.

The public rationale for subsidizing stadiums is that they will generate jobs, tourism, and long-term economic vitality. Yet, study after study from economists across ideological spectrums consistently shows that these promises are overstated or entirely unfounded. Most NFL stadiums create a short-term construction boom, followed by long-term debt and opportunity costs.

But perhaps more galling is this: the economic lifeblood of the NFL is disproportionately Black men. While roughly 13% of the U.S. population is Black, nearly 60% of NFL players are African American. These players, often trained in underfunded high schools, many from single-parent households and first-generation college trajectories, generate billions — yet the communities and institutions from which they originate remain underdeveloped and neglected.

It is a grotesque inversion: Black talent builds white wealth, while Black institutions remain marginal.

Black Athletes, White Wealth, and the Poverty of Institutional Ownership

The NFL, and by extension the Cleveland Browns, benefits from a system where the labor is Black, but the ownership is almost entirely white. Out of 32 NFL teams, only one have non-white principal owners: Shahid Khan, a Pakistani-American who owns the Jacksonville Jaguars.

Meanwhile, no HBCU alum holds equity in any major professional sports franchise, despite HBCUs being core contributors to the American athletic pipeline that fuels leagues like the NFL and NBA.

Despite producing generations of elite athletes, coaches, and sports executives, no collective of HBCU alumni has leveraged its wealth or influence to acquire equity in a major professional sports franchise, leaving the economic rewards of Black athletic labor concentrated elsewhere.

Imagine a model where Ohio had used even half of the $600 million to create a Black Education & Sports Endowment, partially controlled by a consortium of HBCUs, Black public schools, and community development organizations. The returns from that endowment could support thousands of students, community health centers, literacy programs, and STEM labs for generations.

Instead, we see yet another example of extractive economics, where African American physical, cultural, and intellectual capital is used to build empires for others, while Black institutions — including HBCUs — remain dependent on begging, philanthropy, and hope.

Why Unclaimed Funds Should Serve The Forgotten

Ohio’s decision to redirect $1.7 billion in unclaimed funds to cover state expenditures is fiscally creative — but morally questionable. These are not “free” funds. They are monies left in dormant bank accounts, uncashed checks, unclaimed insurance payouts — many of which disproportionately belong to low-income individuals who lacked the resources or knowledge to retrieve them.

Data suggests that Black Americans are disproportionately represented among unclaimed property holders — in part due to higher levels of economic displacement, address changes, and financial exclusion. Redirecting these funds to subsidize an NFL franchise, instead of redressing the institutional and educational gaps that created that unclaimed status, is a betrayal.

Ohio could have:

  • Created a permanent Black Higher Education Trust, benefiting Central State and Wilberforce.
  • Used 5% of unclaimed funds — about $240 million — to fund Black-led public health initiatives in underserved areas.
  • Directed even 1% of those funds — roughly $48 million — to finance land acquisition and economic development for Black-owned businesses.

Instead, we’ve chosen to rescue billionaires from spending their own money.

HBCU Endowments Are An Economic Empowerment Issue — And the Gateway to Political Power

Endowments are more than just financial assets. They are strategic tools of power — insulating institutions from political winds, enabling bold experimentation, and giving their stakeholders the leverage to influence policy, not just plead for it.

For African America, the chronic undercapitalization of HBCUs is not merely a funding gap — it is an economic power vacuum that undercuts the entire community’s ability to advocate effectively for systemic redress.

While Williams College and Bowdoin College — small liberal arts schools with fewer than 2,500 students — boast endowments of $3.7 billion and $2.58 billion respectively, many HBCUs operate with endowments under $50 million, and some under $10 million. This discrepancy is not accidental. It is the compounding result of centuries of exclusion from generational wealth accumulation, philanthropic networks, and public investment.

Until African American institutions — especially HBCUs — are armed with independent and sizable capital, they will remain vulnerable to the whims of legislatures, accreditation bodies, and philanthropic trends. Worse, they will lack the institutional might to challenge inequity in courtrooms, boardrooms, and ballot boxes.

The fight for reparations, education equity, health justice, and fair housing requires leverage — and leverage requires capital. Political power without economic power is temporary and transactional. But economic power institutionalized through endowments can translate into permanent seats at the table, not just access to it.

Endowing HBCUs, then, is not a charitable gesture. It is a foundational strategy for African American sovereignty and redress. Without institutions that are capable of outlasting election cycles and media trends, African America will continue fighting uphill with borrowed tools and limited voice.

Ohio had a chance to fund that future. Instead, it chose to subsidize a stadium — once again reminding us: until we build our own institutions, we will always be asked to cheer from the stands while others profit from our play.merican educational infrastructure for the next 100 years. Instead, he invested in a stadium with a 20-year shelf life.

Choose the Future You Fund

In 2029, a new domed stadium will open in Brook Park. It will gleam with LED lights and imported steel. It will be filled with cheering fans on Sundays and concerts on Saturdays. The Browns may even win a playoff game or two.

But just 50 miles away, on the campuses of Wilberforce and Central State, students will still walk cracked sidewalks. Professors will still work on contracts. Students will still withdraw for financial reasons.

Unless Ohio chooses to invest in the institutions that nurture and protect Black futures, those futures will continue to be harvested but never planted.

This is not just about football. It is about the future of Black Ohio. And whether our institutions will ever be allowed to rise beyond survival — and into sovereignty.

Disclaimer: This article was assisted by ChatGPT.

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