Rice New Energy Closes Inaugural, Upsized Fund with $200K in Commitments
HOUSTON – May 9, 2022 – Rice New Energy today announced the closing of its inaugural fund, the “Rice New Energy Fund,” with $200k in capital commitments. The fund was significantly oversubscribed, exceeding its $100k initial target and increasing its hard cap. The fund attracted a diverse set of industry-leading Rice alumni, including anchor donors Stephen Trauber, Steve Pattyn and Bobby Tudor. Financial backers of the fund range from the class of 1973 all the way up to the class of 2021, showing the resounding support for the platform across generations of owls.
Founded in August 2021, Rice New Energy Fund (RNEF) is the nation’s first student-managed investment fund (SMIF) focused on the energy transition. RNEF also stands out as one of the only independently raised and managed SMIF’s where participation is not limited to a major or course. RNEF strives to offer students at Rice the opportunity to partake in rigorous investment management while advancing decarbonization, education, and diversity in investing. Once it is big enough, returns generated by the fund will go towards scholarships at Rice.
“Everyone in Houston is talking about the energy transition, but not many people know what that actually entails. We need students to go beyond textbooks and research to learn how to be responsible financiers and lead this transition.” said Shikhar Verma, Founder and Managing Partner of RNEF.
“Given the recent launch of the undergraduate business major at Rice, we are seeing unprecedented interest in new energy and investing,” added Erica Friedman, Chief Operating Officer of RNEF.
RNEF presents a significant opportunity for Rice students who wish to pursue careers in new energy or investing, and the RNEF leadership team intends on leveraging its strong network of industry-leading alumni advisors and mentors to refine their investment approach and achieve alpha.
About Rice New Energy Fund.
RNEF is a student-managed investment fund at Rice University with a focus on the energy transition. With roughly $200k in assets under management, RNEF is dedicated to giving students the opportunity to partake in rigorous investment management while advancing decarbonization, education, and diversity in investing.
For more information, please contact RNEF at ricenewenergyfund@gmail.com or visit www.ricenewenergy.com.
The RNEF executive team
