Atlanta HBCU Raises $ 90 Million to Support Diversity in Finance |
To ensure that students of color are able to capitalize on this success, three global companies are investing $ 90 million in three major historically black colleges and universities and a virtual institute at Wharton College in a company called AltFinance, a plan on 10 years to improve career pathways in the field. The alternative investment industry – which includes assets like real estate, cryptocurrency, hedge funds and venture capital, but not cash or stocks – is expected to reach $ 14 trillion by 2023 The opportunities for young business leaders are there, but are they for everyone?
Clark Atlanta University, Morehouse College and Spelman College – three that make up the Atlanta University Center Consortium – will be beneficiaries of this transformative and diversity-driven initiative led by Apollo Global Management, Inc., Ares Management Corporation and Oaktree Capital Management, LP and managed by ALT Finance Corporation. The Wharton School, the nation’s oldest business school at the University of Pennsylvania, will operate this exclusive virtual institute featuring its highly acclaimed professors and financial leaders.
“Working with HBCUs will allow alternative investment managers to tap into a talent pool that this industry has often overlooked,” said Howard Marks, Oaktree Co-Chair. “Black academics have always had the ambition and the skills to be successful in alternative investing; only broad access to opportunities was lacking. “We are proud to play an important role in creating AltFinance which, through its efforts to support HBCUs, will make an immediate and positive difference for students of color,” said Erika James, Dean of the Wharton School. “With a reach from pre-college students to senior executives, it is Wharton’s privilege to offer our world-class faculty and resources to those who deserve it.”
In addition to financial investments in students, the program will offer hands-on experiences through internships, education and training, as well as key networking opportunities. “As the world begins to carefully reopen, the alternative finance industry will play an important role in how economies recover and thrive,” said Mary Schmidt Campbell, president of Spelman. “The partnership with Spelman will provide our students with invaluable scholarships and resources that will give them a competitive advantage on the path to a successful career and life.”
For the institutions involved, the AltFinance program will have deep and far-reaching impacts beyond the courses and even these experiential lessons. The nonprofit organization Management Leadership for Tomorrow will add its expertise and influence not only by helping to set up a scholarship program, but also by ensuring that “Blacks, Hispanics / Latinos and Native Americans reach and thrive at the highest levels of American business ”.
Source universitybusiness.com “Our partnership in the AltFinance initiative will open more doors of opportunity for Morehouse and other HBCU students to push the boundaries of the status quo and create new avenues for equitable access to vehicle creation vehicles. wealth, capital, private funds, and financial tools that will help develop businesses and empower enterprising minds. “As our graduates who are now leaders in the sector have shown, those who control financing often have a disproportionate impact on societal and economic outcomes, “said David Thomas, Ph.D., president of Morehouse College.” As men of color intensify their role as engines of economic ingenuity and business innovation, there is is imperative that they have an intimate knowledge of the intricacies of complex alternative investment strategies.
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