Busara Advisors LLC is partnering with the non-profit organization Sponsors for Educational Opportunity to launch an emerging manager hedge fund of funds, the Busara True Opportunity Fund.
Targeted at endowment, foundation and pension fund investors, the commingled fund, managed by Busara Advisors, New York, will invest in hedge fund managers running less than $500 million, said Joseph Schlater, Busara CEO.
Hedge fund managers selected for inclusion in the fund must commit to hosting college undergraduates as part of New York-based SEO's summer internship career program. SEO also provides urban public high school students with academic support and college preparation.
“We are very excited about the prospect of working with the alternative investment management industry to provide young people of color with exposure to ... and the opportunity to work in the hedge fund industry,” said Julian Johnson, SEO's senior vice president, who oversees the organization's alternative investments internship program. “The focus of our program is promoting diversity within the alternative investment management industry,” Mr. Johnson added.