Howard University Named as Partner in $90 Million Initiative to Create Diverse Pipeline to Alternative Finance Industry
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Posted By: Kennedy Williams on June 26, 2021 Howard University is pleased to be named one of four historically Black colleges and universities (HBCUs) to participate in a $90 million joint initiative that will provide students with clear pathways to careers in the alternative investment industry. Three leading investment firms, Apollo Global Management, Inc. (Apollo), Ares Management Corporation (Ares), and Oaktree Capital Management, L.P. (Oaktree) launched “AltFinance: Investing in Black Futures™” to diversify the alternative investment industry by attracting, training, and providing career opportunities for college students attending HBCUs. Each of the firms will contribute $3 million per year for 10 years, marking the first major multi-firm commitment to increase opportunities in the alternatives industry. “We are very grateful for the opportunity to participate in the AltFinance initiative alongside this triad of leading investment firms and other distinguished HBCUs,” said President Wayne A. I. Frederick. “I would like to thank Marc Rowan, Michael Arougheti, Howard Marks, and Bruce Karsh for their commitment to diversifying the finance industry by creating pathways for HBCU students and eliminating the barriers our students face in pursuing careers in private equity and alternative finance.” The AltFinance partnership includes Howard University, Morehouse College, Spelman College, and Clark Atlanta University. The initiative has three primary components: a mentored fellowship program, a tailored virtual institute, and a scholarship program. The initiative will be administered by ALT Finance Corporation, a nonprofit organization established by the three founding firms. “We are extremely excited to join the AltFinance initiative,” said Howard University School of Business Dean Anthony Wilbon, Ph.D. “This kind of investment in HBCUs is critical to ensuring that African-American students have opportunities to pursue influential roles in private equity and alternative finance by eliminating financial barriers and creating pathways through mentorship and training.” Fellowships will provide select students at partner HBCUs the opportunity to work directly with a mentor and learn the ins and outs of finance and alternatives. The fellowship program will be run in partnership with Management Leadership for Tomorrow (MLT), a national nonprofit organization working to ensure that Black, Hispanic/Latino, and Native American people reach and thrive at the highest levels of corporate America. AltFinance fellows will also have access to need-based scholarship funding with the goal of eliminating barriers to exploring and preparing for a career in alternative investments. Additionally, students will have access to a best-in-class virtual institute with a curriculum designed by The Wharton School of Business. The virtual institute will be open to interested students at all HBCUs. “Over the past few years, I’ve had the honor of building a close relationship with Howard University and seeing firsthand the incredible potential of its students,” said Bruce Karsh, co-chairman and chief investment officer of Oaktree. “I couldn’t be more pleased that Howard is one of AltFinance’s four founding HBCUs, together with Clark-Atlanta, Morehouse and Spelman. This initiative isn’t just about creating opportunities for HBCU students – it’s about forging a path for future leaders in alternative investing. I have no doubt that these talented students will have a lasting positive impact on our firms and our industry.” For additional information on AltFinance, please visit altfinance.com. SOURCE: Howard University News Room If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Kennedy Williams
From Loganville, GA Spelman College class of 2020 Member Since July 2016 |
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