For decades, HBCUs have centered Black students’ educations during a time when minorities were denied entry into most learning institutions. Now, a new partnership is making sure more Black futures will be brighter thanks to huge new investment.
Apollo Global Management, Inc., Ares Management Corp., and Oaktree Capital Management LP recently announced the “AltFinance: Investing in Black Futures”™ a first-of-its-kind non-profit organization dedicated to boosting Black students’ access to high-earning careers after graduating college.
Each firm has pledged to invest $3 million a year over the next 10 years to fund the organization, marking the first significant multi-firm commitment to increase opportunities in the alternatives industry.
The AltFinance initiative’s initial partnership will be with Clark Atlanta University, Morehouse College, and Spelman College. It is designed to diversify the alternative investment industry by attracting, training, and providing career development, mentored fellowships, and scholarship opportunities for college students at the three inaugural HBCUs, all of which are part of the Atlanta University Center Consortium (AUCC).
“Investing in the future of our students at Clark Atlanta University is paramount toward the creation of pipelines designed to increase diversity in all industries, specifically the alternative investment industry,” said President George T. French, Jr.
“We are truly grateful for Apollo Global Management, Inc., Ares Management Corporation, and Oaktree Capital Management, L.P. for their vision to partner and form AltFinance,” he continues. “This investment will undoubtedly empower Clark Atlanta’s scholars and prepare them to be globally competitive in the alternative investment industry. Additionally, this partnership with Clark Atlanta University will give our scholars much-needed scholarships, introductions to industry experts, create networking opportunities, and grant them access to resources from the University of Pennsylvania’s Wharton School and Management Leadership for Tomorrow. Clark Atlanta University students are extraordinary, and partnerships such as this open doors for them to show the world their brilliance.”
Students selected for the mentored fellowships will work directly with an industry mentor and learn all aspects of finance and alternatives. The fellowship program will be run in partnership with Management Leadership for Tomorrow (MLT), a national non-profit organization working to ensure that marking the first major multi-firm commitment to increase opportunities in the alternatives industry.