The Sydney University Evangelical Union was formed in 1930 and has under God flourished as a student Christian group that has significantly impacted the lives of generations of Christian students. For the detailed history of the EU see the EU's history page.

The EU Graduates Fund however, has a much more recent history. While the EU had always had friends and advisors, the idea of forming a fund, financed by graduates and dedicated to providing staff to support the EU, was hatched in 1989 by the then President Andrew Katay and Treasurer Michael Jensen as they swapped notes in a Greek class.The Fund was created in 1990 and the first staff worker was employed in 1991. Since then the EU Graduates Fund has experienced significant growth and past and current staff workers exceed 100.