Legacy and Impact: Welcoming Rakesh and Abha Varma
Introduction
On June 16th, 2025, we were honored to host Rakesh and Abha Varma , who together have built a legacy of entrepreneurship and philanthropy. They have committed to establishing endowments in the Colleges of Business, Engineering, and Medicine at UIC to award merit-based scholarships in honor of their parents.
Joan Farre-Mensa, Ferhat Akbas, and Fatemeh Sarayloo presented on faculty and college initiatives, and several students shared their academic journeys.
Impressed by the college’s commitment to student success, Rakesh, a UIC Business alum, noted, “With dedicated educators like you… students will emulate your example, succeed in the workplace, and be among the very best.”
Rakesh, former Chair and CEO of ARV Capital Management, is a member of the President’s Circle and the Board of Directors at the University of Illinois Foundation. Abha was a former business owner in India and ran a fine-dining restaurant and franchise chain in the U.S. before retiring in 2017.