Atlanta HBCUs Get $ 90 Million to Power Financial Diversity |
Clark Atlanta, Morehouse, and Spelman will help students build career paths in alternative investments through a 10-year partnership with three companies and the Wharton School.
The alternative investment industry – which includes assets such as 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 entrepreneurs are there, but are they for everyone?
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.
Clark University of Atlanta, Morehouse College and Spelman College – three that make up the Atlanta University Center Consortium – will be beneficiaries of this transformative, diversity-driven initiative led by Apollo Global Management, Inc., Ares Management Corporation and Oaktree Capital Management, LP and led by ALT Finance Corporation.
“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.”
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.
“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.
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.
“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.”
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 ”.
For the institutions involved, the AltFinance program will have deep and far-reaching impacts beyond the courses and even these experiential lessons.
“As our graduates who are now industry leaders have shown, those who control funding 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, it is imperative that they have an intimate knowledge of the intricacies of complex alternative investment strategies.
“Our partnership in the AltFinance initiative will open more doors for students at Morehouse and other HBCUs to push the boundaries of the status quo and create new avenues for equitable access to vehicles of wealth creation, capital, private funds. and financial tools that will develop businesses and empower enterprising minds.