More UBF fracking investments revealed
The UB Foundation has invested in at least six fracking-related firms, according to its most recent tax documents.
Last November, leaked documents revealed UBF investments in an off-shore firm focused on fracking and other fossil fuel related activities. The news broke in the midst of a two-year-long effort from student climate activists, lobbying the university and the foundation to divest all funds from fossil fuel related industries. UBF Executive Director Ed Schneider previously told the students the foundation had no “direct investments” in fossil fuel related entities.
On Monday, watchdog group LittleSis reported at least five new investments in private equity firms found in the foundation’s most recent 2014-15 990-T filings. UBF is required to file these forms annually with the IRS to maintain its nonprofit tax status.
The form showed the foundation had stakes in five funds related to fossil fuel activities: EnCap Energy Capital Fund VIII, EnCap Energy Capital Fund IX, EnCap Flatrock Midstream Fund II, Denham Commodity Partners Fund VI and IFM Global Infrastructure Partners (US). A sixth investment, EnCap FlatRock Midstream Fund III-C, was reported by Investigative Post from the Paradise Papers and does not appear in the 2014-15 filing.
The foundation has not said it will divest from fossil fuels, but Schneider said he and other foundation officials are listening and trying to learn about fracking issues to better form a position.