According to a press release, CAU is one of three Historically Black Colleges and Universities (HBCUs) — others being Morehouse and Spelman College — to join the first-of-its-kind industry initiative powered by non-profit ALT Finance Corp. and leading investment firms Apollo Global Management, Inc., Ares Management Corp. and Oaktree Capital Management LP.
The $90 million initiative — formally known as “AltFinance: Investing in Black Futures”™ — was launched as part of an effort to prepare HBCU students to pursue alternative career paths in private equity or alternative-credit investing. Additionally, all three investment firms have committed to donating $3 million each per year for the next 10 years to fund ALT Finance Corp., marking this as the first significant multi-firm commitment to generate more opportunities in the alternatives industry.
AltFinance initiative’s will be kicking off its initial partnership with all three HBCUs with a prime mission to diversify the alternative investment industry. Through training, career development, mentored fellowships and scholarship opportunities, these college students will be offered a plethora of tools to help them succeed in this industry post-graduation.
“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,” CAU President George T. French, Jr. said in a statement, “specifically the alternative investment industry.”
“We are truly grateful for Apollo Global Management, Inc., Ares Management Corporation, and Oaktree Capital Management, L.P. 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,” he adds. “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.”
In addition to the new initiative, there will also be a virtual institute offering curriculum designed by the University of Pennsylvania’s Wharton School, a press release reports.
This latest announcement arrives after several reports of CAU creating other groundbreaking initiatives to better equip its student body and faculty with unique opportunties.
As previously reported by AfroTech, the southern university announced a first-of-its-kind initiative aiming to serve over 100 HBCUs earlier this year, as well as its first-ever incubator program to recruit and develop over 100 future HBCU presidents.