There are 2.5 million veterans that are entrepreneurs, but only about 100 in alternative investments.
A proven track record is often the biggest hurdle to the success of managers run by women, minorities, and other underrepresented groups. That is especially true for veterans of the U.S. military, most of whom started their corporate careers far later than peers.
J.P. Morgan Asset Management wants to help veterans break into one of the toughest sectors — venture capital. J.P. Morgan’s asset management division said it will commit $25 million to five or more veteran-owned venture capital funds as part of its Project Spark program. Started in 2021, the program supports diverse-owned emerging managers in alternative investments. Asset managers and allocators have made big commitments to diversity, particularly over the last two years. Still, these firms have struggled to win allocations. According to a December Knight Foundation survey, only 1.4 percent of $82 trillion in assets, the study’s sample set, is controlled by diverse-owned firms.