Horsepower: How a Longshot Win Sparked a Darden Venture

When the Thoroughbred filly Ivy Garden crossed the finish line first — at 11 to 1 odds to win a $55,000 Maiden race — last September at Colonial Downs, the celebration was so ebullient it not only solidified friendships but also expanded the fledgling venture of Ivy Garden’s part-owners, Darden students IV Hendrix (Class of 2026) and Xavier Vecchio (Class of 2026).

“That evening was one of the most incredible experiences I can remember,” says Hendrix.

From there, XXVI Racing, Hendrix and Vecchio’s Thoroughbred racing partnership, was off and running.

Enter Rivanna and Huntington Honey

The model is simple: XXVI Racing provides professional management of Thoroughbreds, while simultaneously lowering the barrier to entry for ownership by pooling funds of partners to purchase racehorses. Winnings, if any, are shared. After Ivy Garden’s win, a group of Darden students and a handful of horse lovers in the Charlottesville community purchased two more Thoroughbreds at the Keeneland September Yearling Sale. They named the fillies Rivanna and Huntington Honey after some of their favorite Charlottesville haunts.

“One of the most rewarding and exciting parts of horse ownership is watching yearlings develop into athletic two-year-olds that are ready for the racetrack,” says Hendrix.

Rivanna and Huntington Honey lived at Eagle Point Farm outside of Charlottesville for the first part of their training. (Photo by Caroline Mackey)

Rivanna, says her owners, is a two-year-old light bay filly who is kind of like a “big lap dog” — a sweetheart whose competitive spirit lights up on the racetrack. Huntington Honey, also a two-year-old bay filly, is a bit smaller but well built, with an even-tempered bearing. “One of the things you look out for is a horse’s character and class,” says Hendrix. “The common denominator I’ve noticed in a lot of successful racehorses is that they’re relaxed.”

Both arrived in Virginia last September to begin their training. Because they are based just an hour from Charlottesville at Eagle Point Farm, partners in XXVI Racing can visit regularly, get to know them, and watch them “become the incredible athletes that racehorses are,” Hendrix says.

Watching the broader horse racing ecosystem is part of the appeal. “You begin to appreciate the impact horse racing has on the agricultural economy,” Hendrix says, pointing to veterinarians, farriers, grooms, trainers, feed suppliers and more. “Horse racing is an incredible economic flywheel — it’s exciting to see all the business activity it brings to  Virginia.”

The economics for the individual partners aren’t bad, either. While racing success is never guaranteed, certain tax benefits — such as bonus depreciation —can help make the money side of it make sense for horse owners.

“We structure our partnerships as pass-through entities, so, thanks to bonus depreciation, our partners can reduce their taxable income on a pro rata basis depending on their investment in the horse,” Hendrix explains. “So it’s entertainment with a substantial business and tax upside,” he says.

A Passion Project

Xavier Vecchio and IV Hendrix pose with Rivanna. (Photo by Caroline Mackey)

But for the partners in XXVI Racing, the point is passion.

For Vecchio, the love of horse racing struck on the precipice of a big life change. As a former Army officer, he spent time all over the US and abroad. On a visit to the historic racetrack Oaklawn Park in Hot Springs, Arkansas, he got his first real taste of racing, including a behind-the-scenes look with the owners and trainers.

“I had what I thought was a really exciting job as a bomb technician in the Army, and I was in search of something still exciting and that got my heart racing as I approached leaving,” said Vecchio.

He found what he was looking for in racing.

“But what I enjoy most about racing is the horses themselves,” Vecchio said. “Every time I’m around our horses — whether it’s early mornings watching them train or afternoons at the racetrack — I’m amazed by how kind, intelligent and determined they are. IV and I see it as our privilege to share that experience with others and build community.”

Hendrix agrees enthusiastically.

“There is nothing more thrilling than watching your horse cross the finish line first,” he said. “But it’s just as important to us to share a behind-the-scenes look at what it takes to train and care for the horses. It takes hundreds of hours of meticulous training and care by highly skilled horsemen before any horse sets foot in the starting gate.”

Hendrix grew up with a love of horses. He began riding at a young age, managed a stable after college, and occasionally galloped Thoroughbreds on the racetrack. He learned the nuances of the Thoroughbred industry while working with a leading bloodstock agent — a professional who evaluates horses and advises clients on racing and breeding — an experience that cemented his love for the sport. Although he later transitioned into a career in policy in Washington, D.C, “there hasn’t been a day since I left the horse industry that I haven’t thought about it,” he says.

The future of XXVI Racing is bright, “We’re doing this as a fun passion project,” says Vecchio. “We’re both going on to other professional careers.” But they want it to remain a “longstanding community that will last long after we graduate,” says Hendrix.

Keeping Calm, Cool and Collected

Both say that there is overlap between their experience with XXVI Racing and their professional lives.

“Horses teach you how to stay levelheaded when life becomes chaotic,” says Hendrix. Horses’ profound sensitivity to the energy of the people around them means that those people must learn how to manage themselves well regardless of circumstance. “And I think that’s a great leadership lesson. It’s something I’ve used throughout my career — especially in leadership roles and in people management.”

Vecchio echoes his sentiment. “This is something that grounds us, and the skills are all very transferable when it comes to keeping a calm, cool head, whether in a boardroom or managing people.”

Huntington Honey and Rivanna may run their first races as soon as this summer. Both Hendrix and Vecchio are excited to grow XXVI Racing by “facilitating the love of a great game and a great athlete — especially among people in our age group” says Hendrix.

“I hope that, when we’re all retired, I’m standing in the winner’s circle with [Vecchio] and a group of Darden buddies after we win the Kentucky Derby, the Travers, or perhaps the Arlington Million here in Virginia,” Henrix says.