Private equity firm 8 Rivers Capital has opened an office in the historic Power House of Durham’s West Village in North Carolina.
At the opening celebration, founders Bill Brown (pictured) and Miles Palmer committed to donate shares of stock worth five per cent of 8 Rivers to Duke University School of Law.
Palmer and Brown are joined in their support of Duke Law by Lanty Smith, chairman and chief executive of Tippet Capital, an emeritus member of the Duke University board of yrustees, life member of Duke Law School’s board of visitors, and former chairman of the board at Wachovia. Smith has committed to donate shares of stock worth five per cent of NET Power, a clean energy company held by 8 Rivers.
"This is an unusual gift – we can’t yet quantify it; we don’t know what it will mean to us in the coming years. But the potential is huge. These companies are developing technologies that could transform our lives," says Law School Dean David F. Levi.
Palmer and Brown launched 8 Rivers and Palmer Labs in 2008. The private equity firm commercialises technology from Palmer Labs and others, including Duke and UNC students.
"Unlike most law schools, which tend to cloister themselves in the ivory tower of academia, Duke Law has built on its very solid foundation of academic excellence and now provides leadership in delivering improvements to our political system, economy, and everyday lives. The University is truly fortunate to have Dean Levi and his vision driving these initiatives," says Brown.
"Duke has embraced 8 Rivers and our vision for the future," Palmer adds. "We are excited by the ways we engage students and faculty in law, business, public policy, engineering, medicine, and elsewhere. Universities provide fabulous resources for companies like 8 Rivers. In return, we provide students and faculty with unique opportunities to expand their education and turn innovative ideas into commercial reality. We look forward to building partnerships with other universities, but Duke is our first home and we will continue expanding our relationships throughout the University."
