Charmel Maynard is redefining venture capital by increasing diversity within the asset class through allocating with intention and accountability.
In this episode of The First Close, we sit down with Charmel Maynard, chief investment officer of the University of Miami, a private university in Coral Gables, Florida. Charmel has worked there since 2016, and he leads the University’s efforts to invest assets, including endowment and pension funds. Charmel is also responsible for the University’s capital structure, including liquidity and debt issuances, treasury, and cash management.
Charmel has built the University’s private equity and venture capital portfolios from the ground up. He shared that the team’s “extreme long-term view” means that they want to ensure they have access and exposure to various asset classes and stages. His job is to make sure the University of Miami endowment and pension have diverse and balanced portfolios.
For Charmel and his team, diversification not only means having a balanced portfolio, but also investing in diverse managers. The University has set a target to reach 13% manager diversity by May 2022 and to more than double their investments in African-American owned firms to reach 50%. Under Charmel’s leadership, the University of Miami is taking important steps not just to acknowledge diversity as a competitive advantage—the University is doing the more important work, as Charmel said, of putting numbers and targets on paper.
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