Clark Atlanta University (CAU) has joined three historically Black colleges and universities as part of a $90 million joint initiative to prepare students for private equity or alternative-credit investing careers.
Investment firms Apollo Global Management, Inc., Ares Management Corp., and Oaktree Capital Management LP will be collaborating with the ALT Finance Corp to administer the “AltFinance: Investing in Black Futures.”
Each firm has pledged $3 million a year over the next 10 years to fund the organization. The venture is the first significant multi-firm commitment to increase opportunities in the alternatives industry.
“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.
Morehouse College and Spelman College have also partnered with the initiative. According to the press release, 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).”
“We are truly grateful for Apollo Global Management, Inc., Ares Management Corporation, and Oaktree Capital Management, LP for their vision to partner and form AltFinance. This investment will undoubtedly empower Clark Atlanta’s scholars and prepare them to be globally competitive in the alternative investment industry,” President French, Jr. added.
“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.”