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Surge Employment Solutions, a startup operating out of the BUild Lab IDG Capital Student Innovation Center at Boston University, is building a business in Massachusetts to help formerly incarcerated individuals find both well-paid and high-skilled jobs. Other Surge partners include the Boston Mayor’s Office of Returning Citizens, the Massachusetts Parole Board, the Dorchester Bay Economic Development Corp. and Strive Boston. Launched in 2017, the IDG Capital Student Innovation Center at BU encourages students from multiple disciplines to learn, innovate and solve problems. Both IDG Capital and IDG Capital’s Global Co-Chairman Hugo Shong, a Boston University alumnus and Trustee, are providing ten-year funding for the lab.
The Delaware Public Employees’ Retirement System committed $35 million to the IDG Breyer Capital Fund, a venture capital fund jointly managed by IDG Capital and Breyer Capital. The state pension fund said it currently allocates 24.4% of its holdings to alternative investments – typically defined as private equity and venture capital, hedge funds, real estate and commodities. Previously in 2017, Delaware’s $10.4 billion fund, which has offices in the city of Dover, committed up to $30 million to IDG China Venture Capital Fund V, another initiative led by IDG Capital. Members of the Delaware fund now include, among others, public school teachers, policemen, county and municipal employees and volunteer firemen.