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Morehouse College, other Atlanta-based HBCUs to participate in $90 million initiative to prepare students for jobs in alternative investment industry
Initiative is designed to diversify the alternative investment industry by attracting, training, and providing career opportunities for college students.
Morehouse College and Atlanta University Center institutions Clark Atlanta University and Spelman College are initial academic partners in the ten-year, US$90 million AltFinance: Investing in Black Futures initiative launched by Global Management, Inc. (Apollo), Ares Management Corporation (Ares) and Oaktree Capital Management, L.P. (Oaktree) to train talented students to work in the alternative investment industry.
Alternative investments include assets aside from stocks, bonds, and cash, such as precious metals, real estate, commodities, private equity, hedge funds, venture capital, financial derivatives, and cryptocurrency, among others. The initiative will provide students at Morehouse and other historically Black colleges or universities (HBCUs) with access to scholarships, mentor fellowships, and virtual education in the field.
“Morehouse is preparing our students to lead the world of tomorrow, and that includes the alternative investment industry,” said David Thomas, Ph.D., Morehouse College president. “As our graduates who are now leaders in the industry have shown, those who control financing often have an outsized impact on societal and economic outcomes. As men of color intensify their roles as drivers of economic ingenuity and commercial innovation, it is imperative that they have intimate knowledge of the intricacies of complex, alternative investment strategies.
Our partnership in the AltFinance initiative will further open doors of opportunity for Morehouse and other HBCU students to push the boundaries of the status quo and to create new avenues for equitable access to wealth-building vehicles, capital, private funds, and financial tools which will grow businesses and empower enterprising minds.”
Apollo, Ares, and Oaktree are each contributing US$3 million per year for 10 years to run the program, marking the first major multi-firm commitment to increase opportunities in the alternatives industry in partnership with HBCUs.
The initiative is designed to diversify the alternative investment industry by attracting, training, and providing career opportunities for college students at the AUC. It is expected to launch by the first half of 2022 and may expand beyond the 3-initial partner HBCUs in years to come.
About Morehouse College: Founded in 1867, Morehouse College is the largest liberal arts college for men in the United States. The College enrolls approximately 2,100 students and historically has conferred more bachelor’s degrees on black men than any other institution in the world. Morehouse College has produced more Rhodes Scholars than any other historically black college or university (HBCU).
Prominent alumni include Martin Luther King Jr., Nobel Peace Prize laureate; David Satcher, former U.S. Surgeon General; Shelton “Spike” Lee, American filmmaker; Maynard H. Jackson, the first African American mayor of Atlanta, Ga.; and Jeh Johnson, the former U.S. Secretary of Homeland Security.
About AltFinance: Students at Historically Black Colleges and Universities exploring a future in finance should have clear pathways and guidance available to help turn their ambition and potential into a rewarding career.
Alternative investment firms Apollo, Ares, and Oaktree are investing US$90 million over the next 10 years so HBCU students interested in finance can gain exposure, mentorship and hands-on experience to jumpstart a career in alternatives.
Initially in partnership with Clark Atlanta University, Howard University, Morehouse College, and Spelman College, Management Leadership for Tomorrow (MLT) and the Wharton School of the University of Pennsylvania, AltFinance is building opportunity at every step of the pathway from college to career in order to create meaningful and lasting impact for HBCU students, the financial industry, and our shared future. We are excited to include these HBCUs in the launch of AltFinance and anticipate that our partnerships will grow as we continue this initiative.
Source: Morehouse College
