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Nelson Mullins client, Invest Newark, who established the New Jersey “40 Acres and a Mule” Fund (NJ FAM), announced that Bank of America has committed to provide an equity investment in its fund. The NJ FAM Fund is a $100 million private investment vehicle formed to reduce social and economic disparities resulting from systemic racism. Bank of America's commitment would be the fund's first private equity investment from a Fortune 500 financial institution resulting from strong and increased national interest in culturally accountable investing.
The fund's sponsor is a New Jersey nonprofit 501(c)3 corporation that helps to drive the city's diverse economy and creates opportunities for those in the Newark community. For Black and Latinx business owners in the Newark area, the NJ FAM Fund aims to tackle and close the racial wealth gap faced by people of color, and raise capital through both charitable contributions and investments from financial institutions and corporate partners.
Charlotte partner and Newark native Sabrina Conyers serves on the fund's advisory board among leading corporate, financial, and philanthropic figures. Other Nelson Mullins attorneys involved in the creation of the fund are Greenville partner and Financial Institutions Practice Group leader Neil Grayson, Orlando partner Richard Coaxum, and New York partner Kay Gordon.
The name of the fund comes from one of the earliest Reconstruction promises made to newly freed enslaved persons in 1865 — to provide each emancipated family with 40 acres and a mule at the end of the Civil War.
Established in 1897, Nelson Mullins is an Am Law 100 firm of more than 800 attorneys and government relations professionals with offices in 11 states and Washington, D.C. For more information on the firm, go to www.nelsonmullins.com.
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